DATE: October 7, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator
Paul Holzen, Director of Engineering/City Engineer
SUBJECT:
Consideration of Resolution 2016-79, A Resolution Granting Additional Funding/Support to the Harpeth Square Project and Authorizing the City Administrator to Modify the Existing Road Impact Fee Offset Agreement Between the City of Franklin and Harpeth Associates LLC. (COF Contract No. 2014-0344) as Necessary to Effectuate Such Changes. (10/25/16 WS) .
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Purpose
The purpose of this memorandum is to provide information to the Board of Mayor and Aldermen (BOMA) for the consideration of Amendment No. 1 to the Road Impact Fee Offset Agreement (COF Contract No. 2014-0344) with Harpeth Associates LLC for the Harpeth Square PUD Subdivision.
Background
The original contract was approved by the Board of Mayor and Aldermen on March 16, 2015. The agreement required improvements, as a part of the Development Project, to the arterial roadways of 1st Ave. N. and Bridge St., Franklin Rd. / E. Main St., Signal Modifications at E. Main St. and 1st Ave., and Traffic Signal Improvements at 2nd Ave and Bridge Street. The Developer made application to offset a portion of the costs of construction for these improvements against Road Impact Fees due from the Development Project, and the estimated amount of such eligible cost was determined to be $1,283,355.00.
The Harpeth Square Development is in the process of finalizing the design and is requesting additional City participation. In addition, the anticipated impact fees have now decreased to $856,544.93, based on the final design. Below is a summary of the requested funding:
Request 1: In lieu of updating the pavement markings on Franklin Road the Developer has agreed to make a $29,623.00 contribution out of the their Road Impact Fees that can eventually be applied to the Franklin Road Project. The original Agre...
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