BACKGROUND/DISCUSSION:
The developer of The Square, AM & JK Development, LLC, proposes to develop 22.2350 acres of Multi-Family (MF-2) and Community Commercial (CC) under a Planned Development in the northern area of the city. The roadway has 598.34 feet of frontage along Old Decatur Road. A Proportionality Study was conducted from the Traffic Impact Analysis provided by the developer. The proportionality study concluded that that the City was justified in requiring the developer to pay for 100% of the cost of the roadway adjacent to its development. Therefore, a development agreement between the developer and the City is necessary.
The agreement requires that the developer escrow funds in the amount of $549,573.20, the estimated cost of Old Decatur along the frontage of The Square. The escrow amount will be due to the City upon final platting of either Tract 3,4, or 5 as depicted in the Development Plan for The Square as approved by the City Council on April 16, 2019.
FINANCIAL IMPACT:
The City will receive escrow funds in the amount of $549,573.20 from the developer, pay the difference between the cost of required improvements by the developer AM & JK Development, LLC upon final platting of either Tract 3,4, or 5 as depicted in the Development Plan for The Square as approved by the City Council on April 16, 2019.
RECOMMENDATION:
It is recommended that the City Council approve the Development Agreement with AM & JK Development, LLC.