Title
Private Developer Funds Appropriation
Action
Action:
A. Approve Developer Agreements with Old Concord Apartments at the Blue Line LLC, C4 Cstore Holdings, LLC, Hazel Southpark Apartments, and RailYard LLC for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $168,835 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 $168,835 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:
- Old Concord Apartments at the Blue Line LLC contributed $65,400 for traffic signal modifications at the intersection of North Tryon Street and Old Concord Road (Council District 4),
- C4 Cstore Holdings, LLC contributed $44,275 for traffic signal modifications at the intersection of Statesville Road and Riley Avenue (Council Districts 2 and 4),
- Hazel Southpark Apartments contributed $30,000 for traffic signal modifications at the intersection of Barclay Downs Drive and Carnegie Boulevard (Council District 6), and
- RailYard LLC contributed $29,160 for traffic signal modifications at the intersection of South Tryon Street and Bland Street (Council District 3).
§ These developer contributions are based on cost estimates prepared by the Charlotte Department of Transportation (CDOT).
§ 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 Contributions
Attachments
Attachment(s)
Map
Budget Ordinance