Title
Consider/Discuss/Act on a Roadway Impact Fee Credit Agreement with RH of Texas Limited Partnership for the Development of the Villas at Stacy Addition and the Associated Construction of the Westbound Lanes of Collin McKinney Parkway between Stacy Road and Village Park Drive
Summary
MEETING DATE: April 15, 2014
DEPARTMENT: Development Services / Engineering
CONTACT: Michael Hebert, PE, Assistant Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the agreement.
ITEM SUMMARY:
* RH of Texas Limited Partnership (Owner) is proposing to develop a subdivision known as the Villas at Stacy consisting of 94 lots near the northeast corner of Stacy Road and Collin McKinney Parkway.
* Only portions of this section of Collin McKinney Parkway are adjacent to the proposed development. The eastern and western portions of the proposed roadway right of way are currently owned by others as shown on the attached exhibit.
* RH of Texas Limited Partnership (Owner) has requested that the City of McKinney enter into a development agreement regarding the construction of the westbound lanes of Collin McKinney Parkway between Stacy Road and Village Park Drive. Village Park Drive is approximately 1700 feet west of Lake Forest Drive. The agreement governs the following aspects of development indicated below.
o The owner will construct two lanes of Collin McKinney Parkway, including transitions to four lanes at each end of the project as shown on the attached exhibit. The total length of the roadway project is approximately 2,800 feet.
o The City will partially reimburse the owner for the construction cost of the road through:
* impact fee waivers for 94 lots, worth approximately $357,000,
* a cash contribution of $150,000 for roadway construction
* a maximum cash contribution of $120,000 towards off-site right of way acquisition, and
* a waiver of construction inspection fees for the roadway and subdivision estimated ...
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