DATE: December 6, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering/City Engineer
SUBJECT:
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Consideration of Amendment No. 2 to the Road Impact Fee Offset Agreement (COF 2013-0016) with Trillium Farms, L.P. for the Construction of Carothers Parkway from the Proposed Intersection of Carothers Parkway and Long Lane. (12/15/16 CIC 4-0)
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning Amendment No. 2 to the Road Impact Fee Offset Agreement (COF 2013-0016) with Trillium Farms, L.P.
Background
The City and Developer entered into an agreement on May 7, 2013 for the offset of Road Impact Fees in the amount of $438,051.00 (50% of the total estimated cost ($876,102.00) for the construction of Carothers Parkway from the proposed intersection of Carothers Parkway and Long Lane). The City approved Amendment 1 on November 26, 2013 to update the estimated construction cost of the improvements. Amendment 1 increased the offset by $139,346.10 for a total amount of $577,397.10. The Developer has now completed the arterial roadway improvements and submitted the required invoices, contracts and releases of liens. The invoices dictate the final cost of the project to be $1,121,164.19, and the City is responsible for $585,888.10 of the total cost.
Financial Impact
Funds to be paid out of Road Impact Fees. Below is a breakdown.
$438,051.00 - Original Agreement
$139,346.10 - Amendment 1
$ 8,491.00 - Proposed Amendment 2
$585,888.10 - Total City Cost
Recommendation
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Staff recommends approval of Amendment No. 2 (COF 2013-0016)