Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Roadway Impact Fee Credit Agreement with TMPG Highland Lakes, LLC, for the Construction of Two and Four Lane Portions of Ridge Road (extending 2,773 Linear Feet) and Dedication of Right-of-Way for Bloomdale Road (extending 1,867 Linear Feet), Serving an Approximately 641 Acre Development (Highland Lakes), Generally Located on the North Side of Bloomdale Road and West Side of Ridge Road
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A: Establish regional infrastructure incentives to increase economic growth)
MEETING DATE: March 21, 2023
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 TMPG Highland Lakes, LLC, for the construction of portions of Ridge Road and the dedication of right-of-way for Bloomdale Road serving the Highland Lakes subdivision, generally located on the north side of Bloomdale Road and west side of Ridge Road.
• In conjunction with the platting and development of the Highland Lakes Phase 1 (approximately 140 acres) and Phase 2 (approximately 48 acres) the applicant is required to construct 2 and 4 lane portions of Ridge Road (extending approximately 2,773 linear feet and dedicate right-of-way for Bloomdale Road (extending approximately 1,867 linear feet) adjacent to the subject property (which are roadway impact fee eligible and shown on the attached roadway construction exhibit).
• The total number of roadway impact fee credits to attach to the property under the proposed agreement will be for 533.03 single family residential lots (approximate value of $2,390,106), which will cover all of the residential lots within Phases 1 and 2 of the Highland Lake subdivision. Per the proposed agreement any balance of roadway impact fee credits remaining can be used on future phases within the Highland Lakes property.
• A portion of the Ridge Road construction is off-site from the Highland Lakes subdivision and is credited on a dollar-for-dollar basis, as stipulated in the 2005 Annexation Agreement for the property.
• Roadway Impact Fee Credit Agreements following the standard template language can be approved administratively. However, utilizing a balance of credits on future phases as well as granting roadway impact fee credits for a portion of the construction at a dollar-for-dollar basis required additional language to be built into the agreement, thus requiring City Council approval.
BACKGROUND INFORMATION:
• In 2005, the attached Annexation and Facilities Agreement (05-015DA) was approved which contained details of the annexation, detailed public improvement and parkland requirements, and contemplated future roadway and utility impact fee credits for the entire Highland Lakes development.
• The associated record plats for Phase 1 (PLAT2022-0082) and Phase 2 (PLAT2022-0103) of the Highland Lakes Addition have been approved and may be filed once all required public improvements have been installed and accepted by the City.
FINANCIAL SUMMARY:
• Upon the dedication, construction and acceptance of the roadway sections contemplated within the proposed agreement, the total number of roadway impact fee credits to attach to the property will be for 533.03 single family residential lots (approximate value of $2,390,106).
BOARD OR COMMISSION RECOMMENDATION:
• N/A