DATE: December 11, 2018
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering
Jimmy Wiseman, Assistant Director of Engineering
SUBJECT:
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Consideration of Road Impact Fee Offset Agreement (COF 2018-0231) with Sunnybrook Investment Company, LLC for the South Carothers Road Widening Project. (Carothers Chase PUD) (01/08/19 BOMA deferred this item to 2/12/19 Old Business.)
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning COF 2018-0231
Background
Sunnybrook Investment Company, LLC submitted a Traffic Impact Study in August 2018 as part of the Carothers Chase PUD Subdivision Development Plan. The following recommendation from the approved traffic impact study would qualify for a road impact fee offset agreement:
1. Construction of a three-lane section of South Carothers Roadway.
Below is an estimate of the arterial roadway improvements needed:
$312,250 Roadway Construction
$312,250 Total Collector Roadway Improvements
The proposed Road Impact Fee Offset Agreement will require Sunnybrook Investment Company, LLC to construct the roadway and dedicate all necessary ROW along Carothers Parkway. The estimates cost of these improvements is $312,250.00 and the estimated total reimbursement to the Developer is $150,300.00.
The existing traffic volumes at the intersection of Surrey Lane and Meandering Way were assumed to adequately represent background traffic volumes. Also, Year 2020 background traffic volumes were established for S. Carothers Road in the vicinity of the project access location. Specifically, the total projected traffic volumes for Colletta Park, which is planned to be constructed immediately east of the project site, were considered to be the background traffic volumes for the proposed project.
Financial Impac...
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