From
Anda Upchurch
Title
Developer Participation Agreement with Green Oaks DQ, LLC for the construction of a new traffic signal at the intersection of Green Oaks Blvd and Riverside Drive in the amount of $174,600 with a Developer Participation amount of $25,400 for an overall project cost not to exceed $200,000
Presenter
Walter Shumac III, P.E., Director of Transportation Services
Recommended Action
Approve
Analysis
Green Oaks DQ, LLC is in the process to develop a Dairy Queen fast food restaurant, and connect the main entrance of the development to the intersection of Green Oaks Blvd and Riverside Drive. The projected traffic from the development will warrant a traffic signal at Green Oaks Blvd and Riverside Drive. The City and Green Oaks DQ, LLC will each participate in the expense of the construction of the traffic signal. Green Oaks DQ, LLC will participate at the level of 12.7% of the estimated construction cost, which is calculated based on estimated traffic that the development will contribute to the existing Green Oaks Blvd average daily traffic volume.
Green Oaks DQ, LLC has agreed to design the traffic signal ($12,500) and pay 12.7%, or $25,400.00, of the estimated construction cost. The City would pay the remaining 87.3%, or $174,600.00, of the estimated construction cost of $200,000.
Green Oaks DQ, LLC and the City have drafted a Developer Participation Agreement for City Council consideration. The Developer will construct the traffic signal and the City will inspect and reimburse the Developer for 87.3% of the actual cost up to $174,600.00.
This item is being presented to the Finance and Government Committee (F&G) and the City Council on February 2, 2016.
Financial Consideration
Funding for the developer participation agreement for the construction of a new traffic signal at the intersection of Green Oaks Blvd and Riverside Drive in the amount of $174,600.00 is available in the Street Capital Projects Fund (400192) WO #01606501 (F...
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