Title
Appropriate Private Developer Funds
Action
Action:
A. Authorize the City Manager to execute a developer agreement with TGACSE Central Square, LLC for traffic signal installations and improvements, and
B. Adopt a budget ordinance appropriating $771,817 in private developer funds for traffic signal installations and improvements to the General Capital Projects Fund.
Body
Staff Resource(s):
Liz Babson, Transportation
David Smith, 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 $771,817 in private developer funding is for traffic signals, traffic signal modifications and/or upgrades, and other related work associated with the developers’ project. The funding is restricted to the TGACSE Central Square, LLC project at the following intersections in Council District 1:
- Central Avenue and Clement Avenue,
- Commonwealth Avenue and Pecan Avenue,
- Central Avenue and Pecan Avenue, and
- Central Avenue and Hawthorne Lane.
§ These developer contributions are based on cost estimates prepared by the Charlotte Department of Transportation (CDOT).
§ Any funding contributed by the developer for a signal project that is unused by the City will be refunded back to the developer 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