Title
Garrison Road South Infrastructure Reimbursement Agreement
Action
Action:
A. Authorize the City Manager to negotiate and execute an infrastructure reimbursement agreement with McCraney Property Company in an amount not to exceed $8,500,000 for municipal infrastructure improvements, and
B. Adopt a budget ordinance transferring $1,509,716 of capital project savings for the Garrison Road South project in the General Capital Projects Fund.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Lilias Folkes John, Economic Development
Explanation
* The McCraney Property Company is a private development site located in the Dixie Berryhill area adjacent to Council District 3.
* City Council approved the rezoning for this redevelopment on February 15, 2021, which includes 1.2 million square feet of new industrial development with strong environmental commitments.
* McCraney Property Company (the Developer) plans to redevelop approximately 150 acres on the east and west side of Garrison Road through two phases.
* The total estimated private investment related to phase one and two roadway improvements is approximately $95 million.
* It is often advantageous for the City to have a developer construct certain infrastructure improvements that directly benefit the City and the developer. In such instances, the City enters into reimbursement agreements with developers to construct the improvements.
* Under the terms of this agreement, the Developer would build the municipal infrastructure improvements and be reimbursed upon completion.
* Municipal infrastructure improvements include design and construction of a new north-south connector road between Horton Road and Dixie River Road with a crossing over Beaver Dam Creek and right-of-way dedication to the City.
* Construction of the municipal infrastructure improvements may be completed in two phases as defined by rezoning petition 2019-173.
* Reimbursement for both phases is contingent upon the Devel...
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