Title
Appropriate Private Developer Funds
Action
Action:
A. Approve developer agreements with Parkside at Hickory Grove, LP; Karma Real Estate, LLC; Ashley Flats, LP; and Toll Brothers Inc. for traffic signal modifications,
B. Adopt a budget ordinance appropriating $128,550 in private developer funds for traffic signal installations and improvements to the General Capital Projects Fund, and
C. Adopt a budget ordinance appropriating $21,496.61 in supplemental developer funds for traffic signal installations and improvements on projects currently under construction to the General Capital Projects Fund.
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 $128,550 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:
* Parkside at Hickory Grove, LP contributed $31,050 for signal modifications at Shamrock Road and Hickory Grove Road (Council District 5).
* Karma Real Estate, LLC contributed $47,500 for one new signal and modifications to three existing signals along Arrowood Road (Council District 3).
* Ashley Flats, LP contributed $10,000 for a pedestrian beacon on Ashley Road between Bullard Street and Joy Street (Council District 3).
* Toll Brothers Inc. contributed $40,000 for signal modifications at WT Harris Boulevard and Davis Lake Parkway (Council District 2).
* The $21,496.61 in supplemental developer funds is for signal modifications and other work associated with the developer's projects. The funding is restricted to the projects noted below:
* MF At...
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