Title
Private Developer Funds Appropriation
Action
Action:
A. Approve a developer agreement with YMCA of Greater Charlotte for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $80,000 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 $80,000 in private developer funding is for traffic signals, traffic signal modifications and/or upgrades, and other related work associated with the developer’s project. The funding is restricted to the project noted below:
- YMCA of Greater Charlotte contributed $80,000 for a new traffic signal at the intersection of Quail Hollow Road and Heathstead Place (Council District 6).
§ This developer contribution is based on a cost estimate prepared by the Charlotte Department of Transportation (CDOT).
§ Any funding contributed by the developer for a signal project that is unused by the City will be refunded back to the developer after project completion.
§ CDOT will install and operate this signal as part of the existing signal systems in the area.
Fiscal Note
Funding: Private Developer Contribution
Attachments
Attachment(s)
Map
Budget Ordinance