Title
Approving a Credit Agreement for roadway impact fees associated with the 19365 Wilke Lane multi-family project, to be applied toward the construction of Abbeyglen Castle Drive, and authorizing the City Manager to execute the same.
Summary
According to the City’s Transportation Master Plan (TMP), a section of Abbeyglen Castle Drive is to be extended (minor collector street and dedicated ROW) from the current terminus in the Highland Park North subdivision to a future connection with Limestone Commercial Drive in the Stone Hill shopping center. Abbeyglen Castle Drive currently stubs into the western end of 19365 Wilke Lane, the subject property, and is required to be extended per the TMP with the development of the 334-unit multi-family project. As a result of being on the TMP and providing additional capacity to the overall roadway system, the road construction is an improvement which may receive credits toward the required roadway impact fees. The proposed credit agreement is between the City and OP II ATX Wilke Lane Land Ltd, the developer of 19365 Wilke Lane.
The City adopted the roadway impact fees program via Ordinance 1470-20-11-24 on November 24, 2020. Per the ordinance, upon the issuance of a building permit, payment of roadway impact fees is required. The ordinance also authorizes the City to enter into a credit agreement with an owner/developer of a tract of land which is required to construct a roadway identified in the TMP that will provide for additional roadway capacity. Credits shall only be applied against the total sum of the collectible roadway impact fees and cannot be applied in excess of the total sum of collectible roadway impact fees.
Based on the calculated roadway impact fee, the maximum amount of credit that can be provided is $742,306.08. Utility extensions that are required with the construction of the road are not permitted in the calculated credits and been excluded.
Prior City Council Action
The City adopted the roadway impact fees program via Ordinance 1470-20-11-24 on November 24, 2020.
Deadline for City Council Action
No deadlines are required, but City Council action will be required to approve the credit agreement.
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: ________
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required _X_ Date Completed: 01/05/2022
Supporting documents attached:
1. General Location Map
2. Staff Memo
3. Credit Agreement
4. Presentation
Recommended Action
Approve the credit agreement for roadway impact fees associated with the 19365 Wilke Lane multi-family project, to be applied toward the construction of Abbeyglenn Castle Drive and authorize the City Manager to execute the agreement.