SUBJECT
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To consider an Impact Fee Credit Agreement between Cottages at Lake Hamilton, LLC and Polk County in the amount of $318,976.70 for related transportation improvements at the intersection of W. Lake Hamilton Drive and Lucerne Park Road (SR544)
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DESCRIPTION
This is a request to enter into an Impact Fee Credit Agreement between Cottages at Lake Hamilton, LLC (hereinafter referred to as Developer) and Polk County for certain non-site related transportation improvements at the intersection of W. Lake Hamilton Drive and Lucerne Park Road. Such improvements include adding a new right turn lane, lane widening, striping and other associated improvements to W. Lake Hamilton Drive as depicted in Exhibit “A” of the agreement. Such improvements will provide capacity and safety improvements for existing background traffic and any future projects in the area.
The total estimated cost of the subject improvements as contained in the Cost Estimate (Exhibit “B”) is determined to be $318,976.70. Such costs include “hard construction costs” and “soft costs,” such as design and engineering costs. The applicant is seeking transportation impact fee credits in the amount of $318,976.70.
The subject agreement allows for needed improvements at an intersection experiencing increased traffic where no one individual developer on W. Lake Hamilton Drive, Lucerne Park Road or in the immediate vicinity has yet to trigger the needed improvements contained herein this agreement. This agreement will allow for these improvements to be made more rapidly by the Developer and at a reduced cost if Polk County were to program these improvements.
RECOMMENDATION
Approve the Impact Fee Credit Agreement for W. Lake Hamilton Drive Transportation Improvements.
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 $318,976.70 in revenue from transportation impact fees.
CONTACT INFORMATION
Thado N. Hays, CPM
Concurrency & Entitlements Manager
Thadohays@polk-county.net <mailto:Thadohays@polk-county.net>