SUBJECT
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Power Line Road (Phase 2) Proportionate Fair Share Agreement - Crosswinds West and Crosswinds East Residential Developments. (No Fiscal Impact)
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DESCRIPTION
This is a request to enter into a Proportionate Fair Share Agreement between POLK COUNTY, JACKSTONE DEVELOPMENT LLC, (the "Developer"), CASSIDY HOLDINGS GROUP, INC., CASSIDY HOLDINGS, LLC, CASSIDY PROPERTY INVESTMENTS LLC, CHI WYN INVESTORS, LLC, CITRUS RESERVE, LLC, ALMATT, LLC, BERRY INVESTMENT HOLDINGS, LLC (F/K/A BERRY REAL ESTATE, LLC), GAMA INVESTORS, LLC, JMBI REAL ESTATE, LLC, GLK REAL ESTATE LLC, and NORTHEAST POLK LAND INVESTMENTS, LLC (the "Owners") for mitigation of transportation impacts to County roadway facilities as a result of the development of Crosswinds West and Crosswinds East residential subdivisions. Both projects contain primary access to Power Line Road and will ultimately impact other surrounding County maintained roadways and intersections. The Developer is seeking to pursue a proportionate fair share agreement consistent with Section 163.3180 Florida Statutes for its respective impacts to identified County roadway facilities.
The Owner and County have agreed that the total proportionate share payment necessary to mitigate the impact of Excess Trips on deficient roadways through buildout of both developments is $2,479,334 for Crosswinds West and $3,685,997 for Crosswinds East. The proposed agreement acknowledges that the proportionate share payments will be divided into per phase payments as described in Exhibit "E" of the agreement. In addition, there is a 3% inflation rate to be applied annually to those phases sought after the execution of this agreement. The subject agreement satisfies the Owner's obligation for mitigation of impacts per Section 163.3180(5)(h), Florida Statutes.
RECOMMENDATION
Approve the Power Line Road (Phase 2) Proportionate Fair Share Agreement as mitigation of anticipated County roadway impacts associated with the Crosswinds West and...
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