DATE: November 17, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, City Engineer/Director of Engineering
SUBJECT:
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Consideration of DRAFT Amendment No. 1 (COF Contract No. 2017-0283) to the Road Impact Fee Offset Agreement with Avalon Squared, LLC
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning Amendment No. 1 (COF Contract No. 2017-0283) to the Road Impact Fee Offset Agreement with Avalon Squared, LLC.
Background
On April 30, 2007, the City and Avalon Squared, LLC. entered into an agreement for completion of roadway improvements. These off-site roadway improvements were determined and negotiated between the City and Developer during the entitlement of the Avalon Squared Development Project. As part of the development, the developer was required to design, dedicate right-of-way and construct certain arterial and collector, non-site related, roadway improvements. This included grading for McEwen Drive, Cool Springs Boulevard and Oxford Glen Drive. McEwen Drive and Cool Springs Boulevard are both arterial roadways and were part of the original agreement. Now that the City has adopted collector impact fees, the original agreement needs to be amended to allow the developer to recapture all cost associated with the improvements completed on Oxford Glen Drive. All work has been completed and this amendment establishes the maximum amount of recapture available for the development project. The final cost was determined to be $2,969,432.32.
Financial Impact
As impact fees are paid by the development, the city will be required to reimburse Avalon Squared, LLC $2,659,913.10 in arterial impact fees paid and $309,519.22 in collector impact fees paid. At no time shall reimbursement exceed the arterial or collector impact fees collected as part of the Avalon Squared Development Project.
Recommendation
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Staff recommends a...
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