DATE: August 6, 2019
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering/City Engineer
Jimmy Wiseman, Assistant Engineering Director
SUBJECT:
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Consideration of Resolution No. 2019-79, “A Resolution Authorizing the City Administrator to Execute a Road Impact Fee Offset Agreement with Parkes Development Group, LLC.”
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning Resolution 2019-79.
Background
On March 12, 2019 the Board of Mayor and Aldermen approved a Road Impact Fee Offset Agreement for Avalon Square PUD Subdivision (COF Contract 2019-0003). The Developer has requested to change the signature block from Parkes Development Group, LLC. to Avalon Squared, LLC. The original contract was never signed by the Developer requiring this item to be re-approved by the Board of Mayor and Aldermen. Below is a summary of the agreement.
Parkes Development Group submitted a traffic impact analysis in November of 2018 as part of the Avalon Square Development Project. The following recommendations from the approved traffic impact analysis would qualify for a road impact fee offset agreement:
1. Partial closure of median at Cool Springs Blvd and Highbury Rise. Median #1
2. Partial closure of median at East McEwen Drive and the Project Access. Median #2
3. Full median closure at East McEwen Drive and the Project Access. Median #3
$196,660.76 Total qualifying arterial roadway improvements
Municipal code requires the city to reimburse the reasonable costs associated with right-of-way dedication and construction of all or a portion of non-site related improvements arterial or collector road improvements against road impact fees due from a development.
Financial Impact
The total estimated cost of right-of-way, engineering/design and the cost of labor, equipment, supplies and material used to construct the arterial roadway improvements is One Hundred Ninety-Six Thousand Six Hundred Sixty Dollars and 76/100 Dollars ($196,660.76) and the estimated total reimbursement to the Developer is an identical amount. The following cost are specifically excluded: fiscal cost, including interest on money borrowed to finance the construction, cost for utility relocations, turn lanes, signals and other improvements that benefit solely the development and not the arterial roadway. At no time shall reimbursement exceed the impact fees collected as part of the Development Project.
Recommendation
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Staff recommends approval of Resolution 2019-79.