Title
Private Developer Funds Appropriation
Action
Action:
A. Approve Developer Agreements with Mt Island Promenade, LLC, and 521 Partners LLC, and
B. Adopt a budget ordinance appropriating $203,000 in private developer funds for traffic signal installations and improvements.
Body
Staff Resource(s):
Liz Babson, Transportation
Debbie Smith, Transportation
Explanation
§ Private developer funds 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 $203,000 in private developer funding is for new traffic signals and traffic signal/upgrades and related work associated with developer projects. The funding is restricted to the projects noted below.
§ The following developers are fully funding traffic signal installations and improvements to mitigate traffic impacts around their respective development projects:
- Mt Island Promenade, LLC contributed $188,000 for a new traffic signal at the intersection of Overlook Mountain Drive and Mt. Holly-Huntersville Road and signal modification at the intersection of Callabridge Court and Mt. Holly-Huntersville Road (located in Council District 2). Zoning for the Riverbend Commercial Subdivision requires these upgrades.
- 521 Partners LLC contributed $15,000 for traffic signal modifications at the intersection of Providence Road West and Johnston Road (located in Council District 2). The work is necessary to relocate fiber optic cable and a pedestrian signal.
§ The above signals meet the same criteria as other traffic signals approved by the City.
§ Payments made by the developer are in response to estimates of work prepared by the Charlotte Department of Transportation (CDOT) and supplied to the developer.
§ Any funding contributed by the developer for a signal project that is unused by the City will be refunded after project completion.
§ CDOT will install and operate these signals as part of the existing signal systems in the area.
Fiscal Note
Funding: Private Developer Contributions
Attachments
Attachment(s)
Map
Budget Ordinance