Title
Private Developer Funds Appropriation
Action
Action:
A. Approve Developer Agreements with 601 South Tryon, LLC, Lennar Carolinas LLC and Pappas Midtown, LLC for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $715,841 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 $715,841 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:
- 601 South Tryon, LLC contributed $407,241 for new traffic signals at Hill Street and South College Street and Hill Street and South Tryon Street (Council District 1),
- Lennar Carolinas LLC contributed $250,600 for a new traffic signal at Choate Circle and Smith Road (Council District 3), and
- Pappas Midtown, LLC contributed $58,000 for traffic signal modifications at Pearl Park Way and Kenilworth Road (Council District 1).
§ These developer contributions are based on cost estimates prepared by the Charlotte Department of Transportation (CDOT).
§ Any funding contributed by the developers for a signal project that is unused by the City will be refunded back to the developer(s) 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 Contribution
Attachments
Attachment(s)
Map
Budget Ordinance