DATE: May 8, 2019
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering/City Engineer
Jimmy Wiseman, Assistant Director of Engineering
SUBJECT:
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Consideration of Road Impact Fee Offset Agreement (COF Contract No 2019-0178) for the Aureum PUD Subdivision with SouthStar, LLC. for Arterial Roadway Improvements to McEwen Drive and Carothers Parkway (05/14/19 WS)
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Purpose
The purpose of this memorandum is to provide information to the Board of Mayor and Aldermen (BOMA) to consider a Road Impact Fee Offset Agreement between the City of Franklin and SouthStar, LLC.
Background
SouthStar, LLC submitted a Traffic Impact Study in April of 2019 as part of the Aureum Development. Staff is recommending approval of the development with the requirement of building offsite improvements to our transportation network as identified in our Comprehensive Transportation Network Plan and the Integrated Growth Plan. These improvements would qualify for a road impact fee offset and include the following:
Phase I - Widen East McEwen Drive to provide three (3) travel lanes for eastbound through movements from the I-65 interchange to the Carothers Parkway Intersection.
Phase II - Widen the eastbound approach of East McEwen Drive to provide two (2) right turn lanes from eastbound East McEwen Drive to southbound Carothers Parkway.
Phase III - Widen Carothers Parkway to provide three (3) travel lanes for southbound through movements.
The estimated cost of these arterial improvements (Engineering, Right-of-Way and Construction) is $5,980,000 and the estimated arterial road impact fee is $7,628,758. Even with these improvements and the full build out of the Integrated Growth Plan it is important to note that the developments traffic impact study shows the following intersections will not meet our standard level of service (LOS D) requirements:
Financial Impact
Below is an estimated project cost:
$1,880,000 - Phase I (Engineering, Right-of-Way and Construction)
$2,600,000 - Phase II (Engineering, Right-of-Way and Construction)
$1,500,000 - Phase III (Engineering, Right-of-Way and Construction)
$5,980,000 - Total Estimated Cost
The Developer will be required to pay all road impact fees and the City will reimburse the developer based on actual cost of the project.
Recommendation
Approval of COF Contract No 2019-0178, a Road Impact Fee Offset Agreement for the Aureum PUD Subdivision with SouthStar, LLC.