DATE: February 11, 2020
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator - Community/Economic Development
Jimmy Wiseman, Assistant Director of Engineering
Michael Walters Young, Budget and Strategic Innovation Manager
SUBJECT:
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Discussion And Consideration On The City Participating In The Road Impact Fee Development Agreement For The Proposed Southbrooke Development By Contributing Additional Funding For The Purpose Of The Southbrooke Developer Fully Improving The Goose Creek Bypass/Lewisburg Pike Intersection.
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning Contributing Additional Funding For The Purpose Of The Southbrooke Developer Fully Improving The Goose Creek Bypass/Lewisburg Pike Intersection.
Background
The Southbrooke Development is proposing 205 residential units south of Goose Creek Bypass on Lewisburg Pike. The traffic impact analysis currently shows a level of service F without any improvements to the intersection. The additional traffic includes the development and background growth. The full buildout of the north, south and eastern legs of the intersection is recommended. The arterial impact fees generated by the Southbrooke PUD will total $922,202. The estimated cost of the recommended improvements is $2,974,930.
Financial Impact
$922,202 will be paid by the developer in arterial impact fees. An additional $2,052,728 is needed for the arterial improvements. The City's Road Impact Fund has a considerable fund balance of $16,589,763 as of June 30, 2019 and nearly 75% of that balance is attributable to arterial impact fees. In addition, year-to-date collections in arterial impact fees are nearly $4.7 million through the first six months of the fiscal year compared to a forecast estimate of $5.8 million.
It should be noted, however, that there are already sizeable r...
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