Title
Approval of SR 92/Mansell Impact Fee Credit Change in the amount of $36,354.73.
Transportation
Body
Item Summary:
On April 11, 2011, Mayor and Council approved an impact fee credit for the Aldi and Race Trac development on the northwest corner of SR 92 and Mansell Road. This was given to the developer in return for them constructing a system improvement to the intersection. The improvement is the addition of a second right turn lane at the corner of Mansell Road and SR 92 and a new traffic signal with mast arms. The estimated cost of the project at that time was $180,000 - $200,000. The impact fee credit was approved in the amount of $187,505.
This approval will change the amount to reflect the actual construction cost of the improvements, now that construction of the development has begun. The cost that has been submitted to the city is $223,859.73.
Committee or Staff Recommendation:
On March 28, 2012 the Community Development and Transportation Committee recommended placing this Item on the April 9, 2012 Mayor and Council Agenda.
Financial Impact:
The financial impact of this change would be that the developer's impact fee credit would increase, therefore decreasing the amount of impact fees collected by the City to be used on other projects.
Presented by:
Steven D. Acenbrak, PE, LEED AP, Director of Transportation