DATE: February 21, 2019
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator - Community/Economic Development
Paul Holzen, City Engineer
Jimmy Wiseman, Assistant City Engineer
SUBJECT:
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*Road Impact Fee Agreement with Clayton Properties Group, Inc., a Tennessee Corporation COF 2019-0031 for the Reese Farm PUD Subdivision.
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning COF 2019-0031
Background
Clayton Properties Group, INC., a Tennessee Corporation is seeking to rezone 43.97 acres of land from the Agricultural (AG) District to the Specific Development-Residential (SD-R 3.00) District. The subject property is within the Conservation Subdivision design concept described in Envision Franklin, and the development is proposing a mix of townhouse and single family residential units. In keeping with the guidelines set forth by our Major Thoroughfare Plan, this development is dedicating 0.391 acre of right-of-way. Per Title 16, Chapter 4 of the Franklin Municipal Code, the dedication of right-of-way along a collector roadway may qualify for offset through a Road Impact Offset Agreement.
Financial Impact
The total eligible costs of design, right-of-way acquisition, easement acquisition, permits and construction of the above collector roadway Improvements is Forty-Two Thousand Four Hundred Fifty and No/100 Dollars ($42,450.00) for the Development Project and the total reimbursement to the Developer is estimated to be Forty-Two Thousand Four Hundred Fifty and No/100 Dollars ($42,450.00). At no time shall reimbursement exceed the arterial impact fees collected as part of the Development Project.
Recommendation
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Staff recommends COF 2019-0031 favorably to the Board of Mayor and Alderman