DATE: February 2, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, ACA-Community and Economic Development
SUBJECT: tle
Preliminary discussion of an alternative second vehicular entrance/exit into the Stream Valley Subdivision in lieu of proceeding with construction of the originally approved second entrance located adjacent to the rear property line of several properties within the Goose Creek Estates Subdivision.
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Purpose
The purpose of the memorandum is to share, conceptually, an alternative to the developer of the Stream Valley Subdivision, Alex Marks proceeding with the installation of the approved second vehicular entrance/exit and, for staff to obtain direction from the BOMA to continue to investigate this alternative.
Background
In 2004, the City of Franklin Board of Mayor and Alderman approved the Stream Valley Planned Development. While the originally approved Concept (Development) Plan has been subject to several amendments, the second vehicular entrance/exit, which has not yet been constructed, remains in the same location as originally approved. This second vehicular entrance/exit is to be located immediately adjacent to the Goose Creek Estates east property line as shown on the attached exhibit. In hindsight, the location of this second entrance/exit is not ideal due to its proximity to the main entrance and rear yard of several private residences.
In an effort to identify an alternate location for the second vehicular entrance/exit the current developer, Alex Marks of Royal Investments has attempted, unsuccessfully to acquire property from adjacent property owners to re-locate this second vehicular entrance/exit. Mr. Marks has informed the City his intention to proceed with installing the second vehicular entrance/exit as originally approved to avoid any delays associated with the development cap that requires the second vehicular entrance/exit be installed and open for public use.
Overview of Alternate Second Vehicular Entrance/Exit
In lieu of allowing the developer of Stream Valley, Royal Investments to commence work in the originally approved second vehicular entrance/exit, staff proposes crafting a development agreement with representatives from Boyle Investment Company, owner of the adjacent Chadwell Tract and developer of Berry Farms and Alex Marks from Stream Valley that essentially has the City coordinating the design and construction of a public road through the Berry Farms Chadwell Tract and connecting to the Stream valley Subdivision with the entire design and construction costs paid by Boyle Investments and Royal Investments. Under this alternate proposal City staff, if directed by the BOMA, would attempt to craft the necessary development agreements, publically bid, and oversee the design and construction of this public road.
This alternative is not without challenges but preliminary discussions with Phil Fawcett of Boyle Investment Company and Mr. Marks of Royal Investments were encouraging. Conceptually the primary framework of this three party development agreement include:
· Boyle Investment Company, the owner of the Chadwell Tract, would transfer the right-of-way for the public road as illustrated on the attached exhibit to the City of Franklin.
· City Staff would oversee the design and construction of this public road with 100% of the project costs paid by Boyle Investments and Royal Investments.
· Royal Investments would deposit with the City the equivalent funds that would have been needed to construct the originally approved second vehicular entrance/exit and, would transfer this property to Boyle Investment Company to attach to the Chadwell Tract.
Boyle Investment Company would be responsible for the difference of the total design and construction costs of the new road and the funds the City received from Royal Investments.
Financial Impact
As discussed in the previous section, executing this idea commits City staff to crafting the necessary development agreements, publically bid, and oversee the design and construction of this public road. It is intended, the total cost of the design and construction of this improvement be the responsibility of Boyle Investment Company and Royal Investments.
Recommendation
Understandably, drafting a three-party development agreement of this nature is an ambitious, complex undertaking. Staff recommends investigating further, until May 1, 2015 to determine if there is sufficient commitment in completing this agreement before advising Mr. Marks to commence design and construction of the second vehicular entrance/exit, as originally approved for the Stream Valley Planned Development.