Canal Winchester signs IGA to finance Basil Western Road widening and roundabout
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Summary
Council approved an intergovernmental agreement to finance widening Basil Western Road and building a roundabout at King's Crossing and Hill Road; the $12 million project will be funded by developer fees, grants, a $4M State Infrastructure Bank loan and county bonds, with the city backing 39% of potential debt-service gaps.
Canal Winchester City Council on Feb. 2 approved an intergovernmental agreement (IGA) authorizing the mayor to enter financing arrangements for regional infrastructure at Basil Western Road, including a roundabout at King's Crossing and widening of Basil Western to three lanes.
Development staff explained the financing plan: developer impact commitments include a $1.50-per-square-foot impact fee; the project received a $4 million State Infrastructure Bank loan at 3% (20 years) and the county expects to issue general obligation bonds for roughly $6.5 million. "In total, this is about a $12,000,000 improvement in the project, and about 10 and a half million will be borrowed," staff said.
City staff described the division of repayment responsibilities: the city would be responsible for 39% of debt associated with the loans and bonds and the county 61%, allocated according to benefiting frontage. Staff explained that private development and TIF revenues are expected to cover most costs but that if development lags the city’s maximum annual obligation could be near $300,000 in the early years.
Council discussed timing, noting engineering design is done and bond issuance is expected in March or April pending approvals from partner agencies. Staff also described existing nearby TIFs (including one tied to a DHL project) and available grants that reduce net borrowing needs.
Council adopted the resolution by roll call. The IGA authorizes the city to participate in the agreed financing structure; final bonding and loan documents will be presented as they are prepared by the county and partner entities.