Title
Private Developer Funds Appropriation
Action
Action:
A. Approve Developer Agreements with CK-Land Development, Inc., Trevi Partners, LLC, Novant Health, and LGI Homes-NC, LLC for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $534,450 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 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 $534,450 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:
* CK-Land Development, Inc. contributed $28,175 for traffic signal modifications at the intersection of Sharon Road and Morrison Boulevard (Council District 6),
* Trevi Partners, LLC contributed $152,000 for a new signal at the intersection of North Tryon Street and Caprington Avenue (Council District 4),
* Novant Health contributed $91,500 for signal modifications at 3rd Street and Queens Road, 4th Street and Queens Road, and 3rd Street and Caswell Road (Council District 1), and
* LGI Homes-NC, LLC contributed $262,775 for a new signal at the intersection of Plott Road and Robinson Church Road (Council District 5).
* 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
Fun...
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