(A) For the purposes of this chapter:
(1) "Rate of inflation" has the same meaning as in section 107.032 of the Revised Code.
(2) "Public bidding threshold" means the monetary threshold contained in section 153.01 of the Revised Code.
(B) The executive director of the Ohio facilities construction commission shall evaluate the public bidding threshold and adjust the amount based on the average rate of inflation during each of the previous five years immediately preceding the adjustment by doing the following:
(1) Determine the rate of inflation by calculating the percent change in the average annual consumer price index (CPI-U), all urban consumers, midwest, all items, for the previous five calendar years as published by the U.S. department of labor, bureau of labor statistics in the month of January following the fifth year.
(2) Adjust the public bidding threshold by multiplying the calculated preceding five-year rate of inflation by the baseline public bidding threshold and rounding the result to the nearest five thousand dollars to establish the public bidding threshold.
(C) For subsequent adjustments that occur every five years, the executive director shall:
(1) Determine the rate of inflation in the same manner as in paragraph (B)(1) of this rule.
(2) Adjust the public bidding threshold by multiplying the rate of inflation by the amount calculated previously as a threshold prior to rounding, and then rounding the result to the nearest five thousand dollars to establish the adjusted public bidding threshold.
(D) If the calculation results in paragraph (C) of this rule results in no change in the public bidding threshold, no change to this rule is required.
(E) The public bidding threshold shall be posted on the commission's website at http://ofcc.ohio.gov.
(F) Beginning in January 2017 until the next adjustment period, the public bidding threshold is two hundred fifteen thousand dollars.