SUBJECT
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Horseshoe Creek Bridge Infrastructure Improvement & Proportionate Share Agreement
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DESCRIPTION
This is a request to enter into an Infrastructure Improvement & Proportionate Share Agreement between TLC Reedy Isle, LLC (hereinafter referred to as the Developer) and Polk County for certain non-site related transportation improvement. The transportation improvement involves the Developer funding the design and construction needed to replace the existing one-lane 36-foot timber Horseshoe Creek Bridge (Bridge No. 164216) with a two-lane bridge that meets the County’s latest design criterion. The estimated cost of the project is not to exceed $1,466,658.00, of which $395,997.66 will be allocated towards the Developer’s Proportionate Share (consistent with State Statute), and $1,070,660.34 to be reimbursed to the Developer in the form of Transportation Impact Fee Credits (for the design and construction of the bridge).
The subject agreement allows for a needed improvement to the Horseshoe Creek Bridge where no one individual developer on Horseshoe Creek Road or in the immediate vicinity has yet to trigger the needed improvement contained herein this agreement. This agreement will allow for the improvement to be made more rapidly by the Developer and at a reduced cost if Polk County were to program the improvement.
RECOMMENDATION
Approve the Horseshoe Creek Bridge Infrastructure Improvement & Proportionate Share Agreement.
FISCAL IMPACT
There is no actual cost to Polk County by entering into this agreement; however, by agreeing to issue transportation impact fee credits, Polk County will not receive $1,070,660.34 in revenue from transportation impact fees.
CONTACT INFORMATION
Thado N. Hays, CPM
Concurrency & Entitlements Manager
Thadohays@polk-county.net <mailto:Thadohays@polk-county.net>