Title
Private Developer Funds Appropriation
Action
Action:
A. Approve Developer Agreements with Profile Homes, Eastside Connections JV, LLC and Teramore Development, LLC for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $99,000 in private developer funds for traffic signal installations and improvements.
Body
Staff Resource(s):
Liz Babson, Transportation
Charles Abel, Transportation
Explanation
* Private developer agreements and 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 $99,000 in private developer funding is for traffic signals, traffic signal modifications and/or upgrades, and other related work associated with the developer projects. The funding is restricted to the projects noted below.
* The following developers are fully funding traffic signal modifications and improvements to mitigate traffic impacts around their respective development project:
* Profile Homes contributed $65,000 for signal modifications at the intersection of South Tryon Street and Beam Road (Council District 3).
* Eastside Connections JV, LLC contributed $25,000 for signal modifications at the intersection of Idlewild Road and the Independence Boulevard southbound ramp (Council District 5).
* Teramore Development, LLC contributed $9,000 for signal modifications at the intersection of Frank Vance Road and Beatties Ford Road (Council District 2).
* The signals are required to meet the same criteria as other traffic signals approved by the City.
* Payments made by the developers 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 developers for a signal project that is unused by the City will be refunded back to the develop...
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