Title
Appropriate Private Developer Funds
Action
Action:
A. Approve developer agreements with Sugar Creek Housing, LLC; 601 S. Tryon, LLC; Youngblood Apartments, LLC; Montford Charlotte Apartments I, LLC; REO Funding Solutions III, LLC; Circle K Stores, Inc.; and Liberty Healthcare Management Inc. for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $412,187 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 $412,187 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:
* Sugar Creek Housing, LLC contributed $50,000 for signal modifications at the location of West Sugar Creek Road and the Accela project (Council Districts 1 and 4).
* 601 S. Tryon, LLC contributed $180,637 for signal modifications at the intersections of College Street and Hill Street and South Tryon Street and Hill Street (Council Districts 1 and 2).
* Youngblood Apartments, LLC contributed $46,115 for signal modifications at the intersections of South Tryon Street and Youngblood Road (Council District 3).
* Montford Charlotte Apartments I, LLC contributed $50,000 for a new signal at the intersection of Woodlawn Road and Montford Drive (Council District 6).
* REO Funding Solutions III, LLC contributed $52,860 for signal modification at the intersection of Sam Wilson Road and Wilkinson Boulevard (adjacent to Council District 3).
* Circle K Stores, Inc. contributed $16,675 for signal modification...
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