BACKGROUND/DISCUSSION:
Havener HH, LP proposes to develop 7.548 acres of Community Commercial property in the northeast quadrant of Old Decatur Road and Bailey Boswell Road. The property has a frontage of approximately 452 feet 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 two lanes of Old Decatur Road adjacent to its development. Therefore, a development agreement between the developer and the City is necessary. The total obligation of the developer is $218,500.00.
The agreement requires that the developer escrow funds with the City in the amount of $54,625.00 for each of the four lots in Van Zandt Addition, Block A upon the initial application for each Building Permit. The obligation will run with the land and is transferred with subsequent ownership of the lot(s).
FINANCIAL IMPACT:
The City will receive escrow funds totaling $218,000.00 when Building Permits have been applied for on all four lots.
RECOMMENDATION:
It is recommended that the City Council approve the Development Agreement with Havener HH, LP.