SUBJECT
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Approve the Infrastructure Agreement between GLK Real Estate, LLC. and Polk County for Wynnstone, Cascade & Brentwood Developments. (One-time expense of $5,800,532.36)
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DESCRIPTION
The GLK Real Estate, LLC is developing multiple properties along FDC Grove Road west of Hwy 27 between Massee Road and Minute Maid Ramp Road 2 for the Wynnstone, Cascade and Brentwood development projects. As part of the development construction the developer was required to do improvements to FDC Grove Road, Holly Hill Grove Road 2 and at intersections along FDC Grove Road. The County has had an unfunded project on FDC Grove Road to provide improvements based future development along the roadway. The County staff discussed with the developer the potential for a joint project to address some of the improvement projects along FDC Grove Road and Holly Hill Grove Road 2. The County agreed to pay cash for some of the improvements and Impact Fee Credits for eligible improvements. The developer agreed to work with the County and that has resulted in the attached Infrastructure Agreement that sets forth the terms of the improvement projects. The developer is building all the improvements and the County will reimburse the developer for the eligible costs. The County will reimburse the developer up to $5,800,532.36 in cash and $3,018,873 in impact fee credits for the costs of the improvements. The estimated cost for all improvements being done by the developer are just over $12 Million.
In addition, the developers traffic study showed needed improvements on Hwy 27. The developer will pay the County $790,995 for the proportionate share of these improvement costs. In the future, staff will bring forth an agreement with FDOT to provide these funds to FDOT for improvements along Hwy 27.
RECOMMENDATION
Request Board approve the Infrastructure Agreement between GLK Real Estate, LLC. and Polk County.
FISCAL IMPACT
Funding for this Project is available in the Roads & Drainage CIP under Developer Agreements.
CONTACT INFORMATION
Jay M. Jarvis, P.E.
Roads & Drainage Director
(863) 535-2200
jayjarvis@polk-county.net