DATE: September 14, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering
SUBJECT:
title
Consideration of Traffic Signal Construction and Installation Agreement (COF 2016-0081) with BCC Investment, Inc. for the Branch Creek Crossing Development. (09-27-16 WS)
body
Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning a Traffic Signal Construction and Installation Agreement (COF 2016-0081) with BCC Investment, Inc.
Background
BBC Investments, LLC is developing Branch Creek Crossing located at 574 and 580 Franklin Road. The Branch Creek Crossing Development Plan was approved by the Board of Mayor and Aldermen on February 10, 2014. As part of the Development Plan the Branch Creek Crossings traffic engineer recommend the installation of a traffic signal at the intersection of Franklin Road and Davenport Boulevard/Branch Creek Crossing. The Signal should be designed to accommodate the future Franklin Road Widening Project. Below is a summary of the proposed phasing as shown on the approved development plan:
Phase 1 includes 18,240 sf north office building and related parking spaces, utilities, sidewalk and landscaping.
Phase 2 30 unit condominium buildings and associated parking, utilities, trash corral, bridge across Dry Branch Creek and landscaping.
Phase 3 18,240 sf southern office building and related parking spaces, utilities, sidewalks and landscaping.
Phase 4 18 unit condominium building and associated parking, utilities and landscaping.
Without the installation of the traffic signal, the developer is not allowed to proceed with Phase 2 of the development. In lieu of completing the traffic signal installation, the developer is proposing to give the city $210,000 so that the city can install the traffic signal at a later date as approved by the Board of Mayor and Aldermen. The City would be responsible for the remaining $140,000 estimated to construct the traffic signal.
Financial Impact
$210,000 Developers Contribution
$140,000 Estimated City or TDOT cost
$350,000 Estimated cost of the Traffic Signal
Recommendation
rec
Staff recommends approval of this agreement and will work with TDOT to include the signal into the Franklin Road Widening Project.