SUBJECT
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Approve the Infrastructure and Impact Fee Credit Agreement between Jackstone Development LLC, GLK Real Estate LLC, Northeast Polk Land Investments LLC, CH-DEV LLC, JMBI Real Estate LLC; and Polk County for Powerline Road - Northern Extension Phase I ($10,800,000.00 One Time Expense).
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DESCRIPTION
The above subject agreement is for the construction of the Northern Extension of Powerline Road in the Davenport area. The Developer and Land Owners have agreed to design, permit and construct the extension of Powerline Road from the intersection of Powerline Road and South Blvd north to Hwy 17/92; and donate the right-of-way for this extension to the County. In turn the County would vacate a segment of platted right-of-way and reimburse the Developer and Land Owners for cost to design, permit and construct the extension of Powerline Road. The estimated cost for the design, permitting and construction is $10,800,000. The County will reimburse 25% in Impact Fee Credits (est. $2.7M) and 75% in Cash (est. $8.1M). This has resulted in the attached Agreement for $10,800,000.00 that defines the terms and conditions for the implementation of this project.
RECOMMENDATION
Request Board approve the Infrastructure and Impact Fee Credit Agreement between Jackstone Development LLC, GLK Real Estate LLC, Northeast Polk Land Investments LLC, CH-DEV LLC, JMBI Real Estate LLC; and Polk County for Powerline Road - Northern Extension Phase I.
FISCAL IMPACT
Funding for this Project is available in the Roads & Drainage CIP under Developer Agreements for Roadway Improvements and Impact Fee Funds.
CONTACT INFORMATION
Jay M. Jarvis, P.E.
Director
Roads & Drainage
(863) 535-2200
jayjarvis@polk-county.net