Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Enter into a Development Agreement with Gammon Partners I, L.P., for the Dedication of Right-of-Way and Easements Associated with the Alma Road and Silverado Trail Project
Summary
MEETING DATE: January 3, 2012
DEPARTMENT: Development Services / Engineering
CONTACT: Matt Richardson, PE, CIP Manager
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the Resolution.
ITEM SUMMARY:
· This Resolution authorizes the City Manager to enter into a development agreement with Gammon Partners I, L.P. for the dedication of right-of-way and easements associated with the Alma Road and Silverado Trail Project.
BACKGROUND INFORMATION:
· The City of McKinney Capital Improvements Program includes the completion of the northbound lanes of Alma Road from Stacy Road to Fire Station #8 and Silverado Trail east of Alma Road.
· This project is scheduled for completion prior to the opening of Comstock Elementary (FISD) in August 2012.
· To construct this project, the City will need to acquire public right-of-way and easements from the tract at the northeast corner of Alma Road and Silverado Trail, owned by Gammon Partners I, L.P.
· We have negotiated the terms of a development agreement that addresses the acquisition of the right-of-way and easements. The terms of the agreement are as follows:
o Right-of-way and easements for this project will be dedicated in exchange for roadway impact fee credit of 80.34 service unit equivalents for future development of the tract.
o In the event the project is not open to traffic by December 31, 2012, Gammon will be paid $68,000 as compensation for the right-of-way.
o Water, sewer and drainage laterals will be provided to the property by the City in conjunction with the Alma and Silverado Trail CIP project.
FINANCIAL SUMMARY:
· Funds for this agreement are available in the Capital Improvements Program in ST9114.
BOARD OR COMMISSION RECOMMENDATION:
· N/...
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