SUBJECT
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Buckeye Loop Road Infrastructure Agreement. (Total project cost $780,615.39; developer portion $74,939 and County's portion $705,676.39)
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DESCRIPTION
This is a request to enter into an infrastructure agreement between PDMG Buckeye, LLC (Developer) and Polk County for the design, permitting, and construction of needed transportation improvements at the intersection of Buckeye Loop Road and Dundee Road.
The Developer is under contract to purchase and develop a Circle-K on certain property located at the northwest corner of the Buckeye Loop Road and Dundee Road intersection. During the County's concurrency review it was determined that certain transportation improvements were needed at the intersection to mitigate existing Level of Service (LOS) deficiencies. The Developer has agreed to enter into a mutual infrastructure agreement with the County to design, permit, and construct needed off-site transportation improvements (specifically, turn lane improvements along Buckeye Loop Road). This agreement will allow for the improvement to be made more rapidly by the Developer and at a reduced cost than if Polk County were to program and construct the improvement.
The total estimated cost of the proposed transportation improvement is $780,615.39. The Developer's contribution for their project's impact is $74,939 (9.6% of the total costs), and the County's reimbursement responsibility for the improvement shall not exceed $705,676.39 (90.4% of the total costs).
RECOMMENDATION
Request to approve the Buckeye Loop Road infrastructure agreement between PDMG Buckeye, LLC and Polk County.
FISCAL IMPACT
The County agrees to reimburse the Developer for actual costs incurred for transportation improvements to Buckeye Loop Road at a cost not to exceed $705,676.39. Funding for this project is available via the Roads & Drainage FY 24/25 CIP, which has funds dedicated for Developer Agreements with Roadway Improvement Projects.
CONTACT INFORMATION
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