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File #: 15-14442    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 10/16/2020 In control: City Council Business Meeting
On agenda: 11/9/2020 Final action:
Title: Appropriate Private Developer Funds
Attachments: 1. Traffic Signal Improvements Map, 2. Private Developer Funds 10.28.20

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