Regular 3.
Regular City Council Meeting
- Meeting Date:
- 09/12/2016
- TITLE
- SID 1401, Molt Road/62nd Street West Turn Lane, Public Hearing and Resolution creating District
- PRESENTED BY:
- David Mumford
- Department:
- Public Works
Presentation:
PROBLEM/ISSUE STATEMENT
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 Molt Road/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 northbound 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.
The protest period for the proposed SID ends September 9, 2016. The total number of protests and the percentage of assessments they represent will be reported at the September 12, 2016 Council meeting.
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.
The protest period for the proposed SID ends September 9, 2016. The total number of protests and the percentage of assessments they represent will be reported at the September 12, 2016 Council meeting.
ALTERNATIVES ANALYZED
After holding a public hearing, the City Council may:
- Approve the Resolution Creating SID 1401, or
- Not approve the Resolution Creating 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.
FINANCIAL IMPACT
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 $2,645 per property.
RECOMMENDATION
Staff recommends that Council conduct a public hearing and approve the Resolution creating SID 1401.