Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Roadway Impact Fee Reimbursement Agreement with Chi Chu Chan, Tsun Huei Chan, and Yen Chau Chan, for the Right-of-Way Dedication of Portions of McKinney Ranch Parkway, Generally Located on the South Side of McKinney Ranch Parkway and Approximately 1,000’ West of Lake Forest Drive
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A: Establish regional infrastructure incentives to increase economic growth)
MEETING DATE: February 6, 2024
DEPARTMENT: Development Services
CONTACT: Gary Graham, P.E., Director of Engineering
Brandon Opiela, Business and Data Analytics Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Resolution
ITEM SUMMARY:
• This item authorizes the City Manager to enter into a roadway impact fee reimbursement agreement with Chi Chu Chan, Tsun Huei Chan, and Yen Chau Chan, right-of-way dedication of portions of McKinney Ranch Parkway (F.M. 720), generally located on the south side of McKinney Ranch Parkway and approximately 1,000 feet west of Lake Forest Drive.
• The subject property is subject to a roadway impact fee credit agreement, approved in 2004, which issued roadway impact fee credits for the dedication of right-of-way for McKinney Ranch Parkway.
• The existing agreement stipulates that upon the completion of all development on the property or 10 years after the execution of the agreement, the developer can request reimbursement of any unused credits (which is now being requested).
• The value of the unused credits for the property is $174,364.24.
• If the proposed agreement is approved, a total of $106,675.52 is available for immediate reimbursement out of the Service Area I account, and the remaining balance due ($67,688.72) will be reimbursed as additional funds are collected within Service Area I.
BACKGROUND INFORMATION:
• A roadway impact fee credit agreement, which included the subject property, was approved in 2004 (04-016DA) which issued roadway impact fee credits for the dedication of right-of-way for McKinney Ranch Parkway.
FINANCIAL SUMMARY:
• The value of the unused credits for the property is $174,364.24.
• If the proposed agreement is approved, a total of $106,675.52 is available for immediate reimbursement out of the Service Area I account (024-0000-365.32-37 CAPITAL RECOVERY-ROADWAY / ZONE I). The remaining balance due ($67,688.72) will be reimbursed as additional funds are collected within Service Area I every 6 months upon request.
BOARD OR COMMISSION RECOMMENDATION:
• N/A