Title
Private Developer Funds Appropriation
Action
Action:
A. Approve Developer Agreements with Broadstone Morehead, LLC, Laurel Street Residential, LLC, and CF Hippolyta Charlotte, LLC for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $257,642 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 $257,642 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:
* Broadstone Morehead, LLC contributed $47,000 for traffic signal modifications at the intersection of South Tryon Street and West Morehead Street (Council Districts 1 and 2).
* Laurel Street Residential, LLC contributed $163,142 for traffic signal modifications at the intersection of Tyvola Road and City Park Drive (Council District 3).
* CF Hippolyta Charlotte, LLC contributed $47,500 for three signal modifications at Wilkinson Boulevard and I-485 Outer Ramps/Fieldridge Road (adjacent to Council District 3), Wilkinson Boulevard and I-485 Inner Ramps (adjacent to Council District 3), and Wilkinson Boulevard and Tuckaseegee Road (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 ...
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