DATE: November 28, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator for Community and Economic Development
SUBJECT:title
Knoll Top Lane - Funding overview and construction update.
body
Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the funding and construction of Knoll Top Lane between Liberty Pike and the Ovation mixed-use development, adjacent to the new Columbia State Community College campus.
Background
In the fall of 2011, the Board of Mayor and Alderman approved Resolution 2011-53 which rescinded the previously approved Waterford Subdivision PUD. This action paved the way for the Tennessee Board of Regents to purchase approximately 36 acres of the property for a new Columbia State Community College campus in Franklin. The Tennessee State Legislature subsequently appropriated $40 million to construct Phase I of the campus on Liberty Pike which is on schedule to open in early 2016.
During the discussions that led to the eventual dissolving of the Watercress PUD, representatives from the City, Tennessee Board of Regents (TBR), Columbia State Community College (CSCC), and the owners of the remaining approximately 24 acres, Doane Petcare (a subsidiary of Mars Petcare) negotiated an agreement to ensure the eventual construction of Knoll Top Lane. The attached exhibit shows Knoll Top Lane bisecting the CSCC property from the Doane Petcare property. SS Knoll Top, LLC (SouthStar, the developer of Ovation) recently purchased the 24 acre parcel from Doane Petcare and is in the process of seeking approvals for a multi-family residential development, "The Standard".
During the aforementioned negotiations it was determined that the cost of constructing Knoll Top Lane would be divided between Doane Petcare and the Tennessee Board of Regents with the expectation the Knoll Top L...
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