Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Roadway Impact Fee Credit Agreement with W/J Wilmeth Ridge, L.P., for the Construction of Two Lanes of Ridge Road (Extending 1,625 Linear Feet), Serving the Wilmeth Ridge South Subdivision, Generally Located on the East Side of Ridge Road (CR 161) and on the South Side of Wilmeth Road (CR 164)
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A: Establish regional and infrastructure incentives to increase economic growth)
MEETING DATE: September 21, 2021
DEPARTMENT: Development Services
CONTACT: Gary Graham, P.E., Director of Engineering
Brandon Opiela, Development Services Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Resolution
ITEM SUMMARY:
• This item authorizes the City Manager to enter into a roadway impact fee credit agreement with W/J Wilmeth Ridge, L.P., for the dedication and construction of two lanes of Ridge Road (extending 1,625 linear feet), adjacent to the Wilmeth Ridge South subdivision, generally located on the east side of Ridge Road and on the south side of Wilmeth Road.
• The Wilmeth Ridge South subdivision contains 89 single family residential lots.
• The total roadway impact fee credits generated from the construction of the adjacent portion of Ridge Road are 430.87 Service Units (equal to 108.81 single family lots). This credit is sufficient to cover all of the roadway impact fees for the single family lots within the subdivision, leaving a remaining credit of 19.81 lots.
• Any lots within the subdivision that have paid roadway impact fees prior to the execution of this agreement (as of Sept 1, 2021, 27 permits have been issued totaling $103,968 in roadway impact fees collected) shall be reimbursed and the available credit applied.
• Upon final permitting of all 89 single family residential lots within the subdivision, the anticipated balance of unused roadway impact fee credits (19.81 lots) shall be reimbursed to the developer in an amount not to exceed $88,828.00.
BACKGROUND INFORMATION:
• The two-lane section of Ridge Road (extending approximately 1,625 linear feet) was completed and accepted on April 22, 2021.
• The Wilmeth Ridge South subdivision is currently being developed. As of Sept 1, 2021, 27 single family residential permits have been issued.
• A new ethics law enacted by H.B. 1295, prohibits a governmental entity or state agency from entering into certain contracts with a business entity unless the business entity submits a disclosure of interested parties (Form 1295). This completed and acknowledged Form 1295 has been attached.
FINANCIAL SUMMARY:
• The proposed agreement states that the City will reimburse the Developer for all roadway impact fees collected for the subdivision prior to the execution of the agreement. As of Sept. 1, 2021, a total of $103,968 in roadway impact fees have been collected from single family permits. Any subsequent roadway impact fees paid prior to the execution of the agreement, will be reimbursed at $4,484 per lot.
• Funds for the reimbursement of collected roadway impact fees are available in account 024-0000-365.32-31 (Capital Recovery - Roadway / Zone C) to fulfill the obligations of this agreement and shall be reimbursed within 30 days of the execution of this agreement.
• Upon final permitting of all 89 single family residential lots within the subdivision, the City anticipates a remaining balance of unused roadway impact fee credits (equal to 19.81 single family lots) which shall be reimbursed to the developer in an amount not to exceed $88,828.00, subject to the availability of funds in the Roadway Service Area C account mentioned above.
BOARD OR COMMISSION RECOMMENDATION:
• N/A