Label
Amended Imagination Station Theatre Project
Economic Development
B. Sehlhorst (x1692)
(Revised)
Title
Amending Ordinance No. 206-19 to increase the amount authorized for special assessment for energy efficiency improvements to the Imagination Station city-owned facility; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Imagination Station is working with private funders and the Ohio Facilities Construction Commission to construct an approximately 8,200 sq. ft addition to the existing facility for the development of a 300-seat large format digital theatre with additional retail and exhibit space. The project is under construction and is expected to be complete in 2020. The City is the owner of the subject property and leases it to Imagination Station.
Ordinance 206-19 authorized the city to pay a special assessment through the Northwest Ohio Advanced Energy Improvement District not to exceed $400,000 for energy efficiency improvements to be made to the overall Imagination Station property as a part of the theatre project.
In recent months, the building's three original air handler units have broken down. Two units have been repaired while the third unit is unrepairable. The air handers are primarily used for the building's air conditioning system and are nearly 34 years old. The average life expectancy of an air handler unit is 15-20 years. The cost to replace all three air handler units is $700,000.
The administration recommends that to further assist the theatre project and the improvement of the overall Imagination Station property, that the city agree to pay an assessment on the property for energy efficiency improvements to be made to the facility and financing through the Northwest Ohio Advanced Energy Improvement District in a total amount not to exceed $1,100,000. Additional approval of assessments at some point in the future by Council will be necessary to effectuate this.
This Ordinance requests authorization for necessary ...
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