DATE: February 26, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
David Parker, City Engineer
Paul Holzen, Director of Engineering
SUBJECT: .title
Consideration of Road Impact Fee Offset Agreement (COF Contract 2014-0344) with Harpeth Associates LLC.
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Purpose
The purpose of this memorandum is to provide information to the Board of Mayor and Aldermen for consideration of a Road Impact Fee Offset Agreement (COF Contract 2014-0344) with Harpeth Associates LLC.
Information & Discussion
As part of the Harpeth Square Development the Developer has been required to construct certain off-site arterial roadway improvements. The improvements that qualify for a road impact fee offset agreement generally include the following:
Roadway Improvements to 1st Ave. North and Bridge Street
This project generally includes roadway improvements to 1st Ave. N and Bridge Street from East Main Street to 2nd Avenue. The recommend offset will include capacity improvements only. These improvements generally include design, street lights, street light conduit and wire, curb and gutter, drainage structures, drainage pipe, fiber optic interconnect and limited construction management. The following items are not included: demo, brick sidewalks, cross walks, street signs, limestone street markers, trash receptacle, bike bollards, grading, asphalt, pavement markings, concrete drive apron, landscaping and irrigation.
Roadway Improvements to Franklin Road and East Main Street
This project generally includes the modification of pavement markings on Franklin Road and E. Main Street to create a dedicated right turn lane for south bound traffic on E. Main Street. In addition, the project includes design and signal modifications to the intersection of E. Main Street and 1st Avenue.
Intersection Improvements and Signalization of Bridge Street and 2nd Avenue
This project generally includes the installation of a new traffic signal at Bridge Street and 2nd Avenue. The recommended offset will include design, right-of-way acquisition, decorative traffic signal, pavement, pavement markings, crosswalks, handicap ramps, curb and gutter, signage, drainage, fiber optic interconnect and limited construction management.
Financial Impact
The current development plan includes a 115 room hotel, 10,000 SF conference center, 151 units of multi-family, 5,000 SF of restaurant and 16,650 SF of retail. The estimated road impact fee will be $966,000.60. The estimated construction cost of the arterial improvements is $1,283,355.00. Below is a breakdown of the estimated arterial roadway capacity improvements:
$ 771,100.00 Roadway Improvements to 1st Ave. N. and Bridge Street
$ 54,380.00 Roadway Improvements to Franklin Road and East Main Street
$ 457,875.00 Intersection Improvements and Signalization of Bridge Street and 2nd Avenue
$1,283,355.00 Total Estimated Offset
It should be noted that the city may not apply an offset which is greater than the applicable impact fees due from the development project.
Recommendation
Staff recommends approval of the Road Impact Fee Offset Agreement (COF Contract 2014-0344) with Harpeth Associates LLC.