DATE: November 17, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering
Jonathan Marston, Assistant Director of Engineering
SUBJECT:
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Consideration of a Road Impact Fee Offset Agreement (COF Contract No. 2017-0293) with Suntrust Realty and Land, LLC for the Colletta Park PUD Subdivision.(11/28/17 WS)
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning a road impact fee offset agreement with Suntrust Realty and Land, LLC for the Colletta Park PUD Subdivision.
Background
As part of the Colletta Park PUD Subdivision, City staff is requiring the developer to improve South Carothers Road, along the frontage of the development, to a three (3) lane roadway with a 12-foot multiuse trail on the north / east side and accommodations for a future 6-foot sidewalk on the south / west side. The conceptual improvements are shown on Exhibit A of the agreement. The Comprehensive Transportation Network Plan currently shows South Carothers Road as a local street. Staff has been projecting future traffic volumes on this roadway and is working on an amendment to reclassify it as a Collector Roadway. If the reclassification is approved by the Franklin Municipal Planning Commission (FMPC), the developer would be entitled to a recapture agreement. The estimated cost for design, right-of-way, and construction of the proposed improvements is $1,458,793. Staff anticipates that the Colletta Park Development will generate approximately $664,660 in collector impact fees, and the Lockwood Glen Development will generate $794,133 in collector impact fees. Staff recommends allowing the developer to recapture collector impact fees from both the Colletta Park Development and the Lockwood Glen Development. The developer would be required to pay the impact fees and the City would reimburse the developer based on work complete and im...
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