Title
Private Developer Funds Appropriation
Action
Action:
A. Approve Developer Agreements with Laurel Street Residential, MHL Development, LLC and NR Stonewall Property Owner, LLC for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $42,775 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 $42,775 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:
- Laurel Street Residential contributed $12,275 for traffic signal modifications by relocating flashing signals near Dixie River Road and Shopton Road (Council District 3).
- MHL Development, LLC contributed $5,500 for traffic signal modifications by relocating a school flasher at the 10700 Block of Plaza Road Extension (Council District 5).
- NR Stonewall Property Owner, LLC contributed $25,000 for traffic signal modifications at the intersection of Stonewall Street and South Caldwell Street (Council District 1).
§ These developer contributions are based on cost estimates prepared by the Charlotte Department of Transportation.
§ Any funding contributed by the developer(s) 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