DATE: August 17, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering
Jonathan Marston, Assistant Director of Engineering
SUBJECT:
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Consideration of DRAFT Road Impact Fee Offset Agreement (COF Contract No. 2017-0120) with Westhaven Partners, LLC for Intersection Improvements at SR-96W and Westhaven Boulevard/Old Charlotte Pike
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning a Road Impact Fee Offset Agreement with Westhaven Partners, LLC for Intersection Improvements at SR-96W at Westhaven Boulevard/Old Charlotte Pike.
Background
As part of the Westhaven Development, the City has required the developer to make improvements to the intersection of SR-96W and Westhaven Boulevard/Old Charlotte Pike. These improvements are identified in the City’s Compressive Transportation Network Plan and would qualify for a road impact fee offset. The project includes the installation of a new traffic signal and an additional left turn lane on Westhaven Boulevard.
Financial Impact
The Developer will be reimbursed Road Impact Fees paid. Below is an estimate of the project cost:
$ 35,000 - Design/Survey
$ 0.00 - Right-of-Way Acquisition
$365,000 - Construction
$400,000 - Total Estimated Project Cost
Recommendation
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Staff recommends approval of COF Contract No. 2017-0120.