SUBJECT
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Approve Budget Amendment and Transfer for the CR559 and Adams Road Intersection Infrastructure Agreement ($195,795.22 one-time transfer).
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DESCRIPTION
On January 18th, 2022, the County entered into Infrastructure Agreement with the City of Auburndale and the Adams Road Fund, LLC to complete improvements at the intersection of CR 559 and Adams Road. The agreement set an estimated construction Cost of $673,440.00 with the stipulation that any funding shortfalls in the actual project costs be covered at 19% by the developer and the remaining 81% be paid by Polk County Transportation Impact Fees to the City of Auburndale.
The actual cost for construction was $915,162.50 for a difference of $241,722.50. Subtracting the developer’s responsibility of 19% ($45,927.28), the total amount due to the City of Auburndale is $195,795.22 to satisfy this agreement.
RECOMMENDATION
Request Board approve Budget Amendment and transfer in the amount of $195,795.22 from the Transportation Impact Fee Northeast Fund, Reserve for Future Capital Account to General Capital to allow payment to the City of Auburndale for this agreement.
FISCAL IMPACT
Upon approval of this Budget Amendment, $195,795.22 will be transferred from the Transportation Impact Fee Northeast Fund, Reserve for Future Capital Account to General Capital
CONTACT INFORMATION
Mark Schmitz.
Financial Administrator
(863-535-2308)
markschmitz@polk-county.net
Jay M. Jarvis, P.E.
Roads & Drainage Division Director
(863) 535-2200
jayjarvis@polk-county.net