Title
Appropriate Private Developer Funds
Action
Action:
A. Approve developer agreements with 100 West 3rd, LLC; 4100 Meadow Oak, LLC; Verdad Real Estate; and Arboretum Retail, LLC for traffic signal modifications, and
B. Adopt a budget ordinance appropriating $82,240 in private developer funds for road modifications and 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 before the city initiates work.
* The $82,240 in private developer funds is for road modifications, 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:
* 100 West 3rd, LLC contributed $10,000 for signal modifications at the intersection of 3rd Street and Church Street (Council District 2).
* 4100 Meadow Oak, LLC contributed $17,500 for road modifications at West Tyvola and Yorkmont Road intersection; and traffic signal modifications and additional pavement markings at Yorkmont Road and Water Ridge Parkway/North Water Ridge Parkway (Council District 3).
* Verdad Real Estate contributed $37,375 for signal modifications at Albemarle Road and Farm Pond Lane (Council District 5).
* Arboretum Retail, LLC contributed $17,365 for traffic signal modifications at the intersection of Pineville-Matthews Road and Arboretum View (Council District 7).
* 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...
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