DATE: January 29, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering
Carl Baughman, Traffic Engineer III
SUBJECT:
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*Consideration of Road Impact Fee Offset Agreement (COF Contract No 2015-0418) with SouthStar, LLC for Arterial Roadway Improvements to Liberty Pike (Carothers Parkway to Knoll Top Lane
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Purpose
The purpose of this memorandum is to provide information to the Board of Mayor and Aldermen (BOMA) to consider a Road Impact Fee Offset Agreement between the City of Franklin and SouthStar, LLC.
Background
SouthStar, LLC submitted a Traffic Impact Study in November of 2015 as part of the Carothers Crossings Development Project and The Standard Development Project. The following recommendation from the approved traffic impact study would qualify for a road impact fee offset agreement:
1) Intersection improvements at Mallory Lane, N. Royal Oaks Boulevard and Liberty Pike.
2) The existing five-lane cross-section on Liberty Pike should be extended from immediately east of Carothers Parkway to the Eastern boundary of the project site. It would be appropriate to design and construct this roadway segment to include two through lanes in each direction and a grassy median.
3) Adequate right-of-way should be reserved along the frontage of the project site in order to accommodate the future cross-section that have been identified by the City of Franklin for Carothers Parkway and Liberty Pike.
Below is an estimate of the arterial roadway improvements needed:
$2,100,000 Intersection improvements at Mallory Ln, N. Royal Oaks Blvd. and Liberty Pike
$ 350,444 ROW Dedication on Carothers Parkway and Liberty Pike
$2,499,556 Liberty Pike Widening (Carothers to Knoll Top Lane)
$4,950,000 Total arterial roadway improvements
The proposed Road Impact Fee Offset Agreement will require SouthStar, LLC to make improvements to Liberty Pike and dedicate all necessary ROW along Carothers Parkway and Liberty Pike. The estimated cost of these improvements is $2,850,000 and the estimated total reimbursement to the Developer is an identical amount.
The projected peak hour (overall intersection) level of service at Mallory Lane, N. Royal Oaks Boulevard and Liberty Pike is anticipated to be LOS D (49.5 sec/veh) in the AM and LOS F (86.7 sec/veh) in the PM. It should be noted that City staff is not requiring the developer to make improvements to the intersection of Mallory Lane, N. Royal Oaks Boulevard and Liberty Pike. These improvements were not required due to the amount of background traffic impacting the intersection. The background traffic includes impacts from Ovation, Standard at Cool Springs, Columbia State Community College, Venture Office Building, Corinthian Development Hotel, Peak 10, Proton Center, HealthSouth, Carothers Get Ready, Franklin Park, Resource Crescent Center, Franklin Summit, Vanderbilt Health and Harley Davidson. City staff will include this project in future CIPs so that the City can fund these improvements. These improvements could be funded by utilizing the road impact fees collected from the numerous developments along this corridor. It is anticipated that these improvements will be needed within the next 4-5 years.
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 Two Million Eight Hundred Fifty Thousand and No/100 Dollars ($2,850,000.00) 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.
It should be noted that the Development Plan for Carothers Crossings and The Standard cannot be approved until this Road Impact Fee Offset Agreement has been approved by the Board.
Recommendation
Staff recommends approval of the Road Impact Fee Offset Agreement (COF Contract No 2015-0418) with SouthStar, LLC for roadway improvements to Liberty Pike (Carothers Parkway to Knoll Top Lane).