Agenda

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City Council Regular Meeting

Meeting Date:

09/08/2020

BACKGROUND

In October 2019, City Council approved Resolution 19-R-147 authorizing a reimbursement agreement for excess roadway impact fees credits. The agreement lists phases of the Homestead project that are eligible to utilize the credits for constructing Homestead Parkway. It was subsequently discovered that two phases were left out of the list of eligible phases. The proposed amendment simply updates that section to include those phases. The amended agreement is still being drafted at this time, but the impacted section will be altered as follows (added Units italicized).

The Roadway Capital Recovery Fee Offset Credits that the DEVELOPER shall receive may be used to offset the roadway impact fees due in Units 1A, 3B, 4, 5A, 5B, 6A, 6B, 7A, 7B, 8A, 8B, 9, 10, 11 and 13. The City shall assign Credits to the unit when a final plat is filed in accordance with this AGREEMENT. For Units 7B and 13 which are zoned for multi-family uses, the DEVELOPER shall inform the City as to the number of Credits to be assigned.

GOAL

Allow for the developer of Homestead to receive roadway impact fee credits that can be applied to all phases of Homestead for the eligible roads they construct.

COMMUNITY BENEFIT

Allows for the orderly and timely construction of roadway infrastructure.

SUMMARY OF RECOMMENDED ACTION

Approval of the resolution authorizing the City Manager to enter into and amended agreement with the developer of Homestead for Roadway impact fee credits.

FISCAL IMPACT

The amended agreement will not increase the number of credits. It simply allows the credits earned to be spent in two additional phases which were incorrectly left out of the agreement. In theory this should reduce the number of excess credits for which the City may have to reimburse the developer.

RECOMMENDATION

Approval of Resolution 20-R-102.

Attachments
Resolution 20-R-102
Original CCM