Title
Appropriate Private Developer Funds
Action
Action:
A. Approve developer agreements with SR University, LLC; QuickTrip Corporation; BIN-OSR, LLC; and Mecklenburg County for traffic signal modifications, and
B. Adopt a budget ordinance appropriating $324,415 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 $324,415 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:
- SR University, LLC contributed $9,775 for signal modifications at North Tryon Street and University City Boulevard (Council District 4).
- QuickTrip Corporation contributed $101,085 for signal modifications at Graham Street and Trailer Drive (Council District 4).
- BIN-OSR, LLC contributed $28,175 for signal modifications at Old Statesville Road and Gibbon Road (Council District 2).
- Mecklenburg County contributed $185,380 for a new signal at Lancaster Highway and Carolina Academy Road (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 these signals as part of the existing signal systems in the area.
Fiscal Note
Funding: Private Developer Contributions
Attachments
Attachment(s)
Map
Budget Ordinance