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 at the intersection of Freedom Drive and Alleghany Street (Council District 3).
- Liberty Healthcare Management Inc. contributed $15,900 for signal modification at the intersection of Fairview Road and Barclay Downs (Council District 6).
§ 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