The developers of Falcon Ridge Subdivision and Falcon Ridge Estates Subdivision are ready to go forward with the next phase of their development west of 62nd Street West. This will be Falcon Ridge Subdivision, 3rd Filing.  Development of the lots within this phase will increase traffic to the point where a separate left turn lane for northbound traffic is needed at Masters Boulevard.  The turn lane will reduce conflicts between vehicles waiting to turn left and southbound through traffic.  The speed limit on this portion of 62nd Street West is 55 MPH.

The Subdivision Improvements Agreements (SIA's) for Falcon Ridge Subdivision, 1st Filing, and Falcon Ridge Estates Subdivision, 1st Filing contain provisions allowing the City to " . . . require the Subdivision to participate in the cost of additional improvements to Molt Road in the future."  The turn lane will benefit the existing homeowners in these subdivisions (and subsequent amendments) as well as the lots being platted with Falcon Ridge Estates, 3rd Filing.  The owners of proposed Falcon Ridge Estates, 3rd filing, will make a cash contribution to the project equal to their proportionate share of the construction and engineering costs of constructing the turn lane. Staff is asking that the City Council consider creating a Special Improvement District (SID) to pay for the turn lane costs that are attributable to the two pre-existing subdivision filings. 
 

City Council may:

• Approve the Resolution of Intent to Create SID 1401 and set a public hearing for the September 12, 2016, City Council meeting, or;
• Not approve the Resolution of Intent to Create SID 1401.  If the Resolution is not approved, the cost for the turn lane will be the responsibility of the developer of the future filing of Falcon Ridge.

The total estimated cost of constructing the turn lane, including SID costs, is $353,665.87.  The cost of the improvements is to be paid from the following sources:  (1) $275,000 in special improvement district bonds; and (2) $78,665.97 cash contribution from Falcon Ridge, LLC.  The SID costs will be assessed equally to each property owner, including condo owners, within the proposed SID.  This results is an SID principal cost of approximately $2645 per property, not including interest costs. 

Staff recommends that the City Council approve the Resolution of Intent to Create SID 1401 and set a public hearing date for September 12, 2016.