Title
Appropriate Private Developer Funds
Action
Action:
A. Approve developer agreements with Berewick Venture, LLC; QuikTrip Corporation; Matthews Multi-Family Investments, LLC; Scaleybark Partners, LLC; Lidl US Operations, LLC; and Profile Homes - McDowell Crossing, LLC for traffic signal installations, and
B. Adopt a budget ordinance appropriating $485,075.25 in private developer funds for traffic signal installations and improvements.
Body
Staff Resource(s):
Liz Babson, Transportation
Debbie Smith, Transportation
Charles Abel, Transportation
Explanation
* Private developer agreements and appropriations are needed when a developer is required through the city rezoning process to make traffic signal improvements.
* Funding contributions from private developers must be appropriated prior to the city's initiation of work.
* The $485,075.25 in private developer funding is for traffic signals, traffic signal modifications and/or upgrades, and other related work associated with the developers' projects. The funding is restricted to the projects noted below:
* Berewick Venture, LLC contributed $158,700 for signal modifications at the intersection of Shopton Road and Dixie River Road and Shopton Road and New Fashion Way in Council District 3.
* QuikTrip Corporation contributed $60,950 for signal modification at Bellhaven Boulevard and Mt. Holly-Huntersville Road in Council District 2.
* Matthews Multi-Family Investments, LLC contributed $27,600 for signal modification at Monroe Road and Galleria Boulevard in Council District 6.
* Scaleybark Partners, LLC contributed $128,340 for signal modifications at South Boulevard and Whitton Street in Council District 1.
* Lidl US Operations, LLC contributed $43,998 for signal modifications at Moss Road and South Tryon Street in Council District 3.
* Profile Homes - McDowell Crossing, LLC contributed $65,487.25 for a signal modification at the intersection of South Tryon Street and Beam Road in Council District 3.
* T...
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