Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute an Escrow, Construction and Roadway Impact Fee Credit Agreement Between the City of McKinney, Texas, Sloan Creek, LTD., and PLF, LTD., Generally to Escrow Funds and Dedicate Right-of-Way for the Construction of an Approximately 3,000 Linear Foot Portion of Future Wilmeth Road, Generally Located on the East Side of State Highway 5 (McDonald Street) and on the North and South Sides of McIntyre Road
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A: Establish regional and infrastructure incentives to increase economic growth)
MEETING DATE: December 7, 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 execute an escrow, construction and roadway impact fee credit agreement with Sloan Creek, LTD and PLF, LTD, generally to escrow funds and dedicate right-of-way for the construction of an approximately 3,000 linear foot portion of future Wilmeth Road.
* Per the proposed agreement, the Developer will dedicate portions of right-of-way and escrow funds for the construction of future Wilmeth Road in conjunction with the City's "Phase 1 of the Wilmeth Road CIP Project" to improve the roadway for future development on the north and south sides of the roadway.
* The Developer will escrow $1,850,000 for the design and construction of approximately 1,775 linear feet of the two southern lanes of future Wilmeth Road upon and across Lot 1-1 and a small triangular part of Tract 5. Lot 1-1 is currently anticipated to develop with three industrial buildings (as shown on Exhibit A - Wilmeth Road East Exhibit).
* The Developer will escrow $350,000 for the design and construction of a portion of the two southern lanes of future Wilmeth Road extending approximately 37...
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