Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2023-2024 Annual Budget and Amending the 2024-2028 Capital Improvements Program to Provide Funds for Alma Road / DD Ballfields Signal Installation Project (TR2268)
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
(1A: Establish regional and infrastructure incentives to increase economic growth)
MEETING DATE: April 16, 2024
DEPARTMENT: Development Services / Engineering
CONTACT: Thuan Huynh, P.E., Transportation Engineering Manager
Shelley Lang, P.E. Assistant Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Resolution
ITEM SUMMARY:
* This Ordinance amends the developer contribution amount in the Fiscal Year 2023-2024 Annual Budget and the 2024-2028 Capital Improvement Program to provide funding for the Alma Road / DD Ballfields Traffic Signal Installation Project (TR2268).
BACKGROUND INFORMATION:
* There is a companion item on the April 16, 2024 City Council regular agenda which includes authorization for the City of McKinney to enter into a Facilities Agreement with DD Ballfields, LLC for the developer to contribute the funds for the installation of a traffic signal at the intersection of Alma Road and Cendana Craig Ranch Apartment driveway.
* Under the Facilities Agreement, DD Ballfields, LLC will contribute to the City of McKinney a total amount of $158,272.20 which accounts for all associated costs required for construction of the new traffic signal including necessary contingencies.
* In order to add the fund to CIP Project TR2268 for use during the current fiscal year, a budget amendment is needed to increase the developer contribution budget from $120,000 to $158,273 to fund the construction of the new traffic signal.
FINANCIAL SUMMARY:
* With this amendment, the total project budget for the Alma Road / DD Ballfields Traffic Signal Installation Project (TR2268) will increase from $600,000 to $638,273.
* Upon approval of this item,...
Click here for full text