SUBJECT
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Yarborough Lane Extension Impact Fee Credit Agreement.
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DESCRIPTION
This is a request to enter into an Impact Fee Credit Agreement between Clayton Properties Group, Inc. (hereinafter referred to as Developer) and Polk County for the design, construction, and dedication of Yarborough Lane (south of Crews Lake Drive).
The Developer is the owner/contract purchaser of certain real property located south of Crews Lake Drive along Yarborough Lane. The Developer has received planned development approval and Level 2 Review approval for a 558 single-family lot subdivision known as Touchstone. The Developer proposes to design and construct certain non-site-related transportation improvements approximately 2,000 feet beyond their development's most southern entrance along Yarborough Lane. The proposed design and construction of the Yarborough Lane extension will be consistent with the standards required for a two-lane urban collector road, as defined by Polk County's Land Development Code. The southern terminus will allow for a future connection from the Wind Meadows South development located within the city limits of Bartow.
The total estimated costs associated with the transportation improvement is $670,821.41. Specifically, reimbursement will be a combination of cash and Transportation Impact Fee Credits according to the following:
* Transportation Impact Fee Credit Amount: $598,836.78
* Cash Reimbursement Amount: $71,984.63
The subject agreement allows for needed improvements along a roadway that is substandard. 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 Yarborough Lane Extension Impact Fee Credit Agreement.
FISCAL IMPACT
The County agrees to reimburse the Developer in cash at a cost not to exceed $71,984.63 and in Impact Fee Credits not to exceed $598,836.78 for the costs incurred for the trans...
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