Title
Approving a Traffic Improvement Agreement with Taylor Morrison of Texas, Inc. associated with the development of the Lisso Tract, benefiting transportation facilities in the vicinity including Immanuel Road, Wells Branch Parkway and E. Pfennig Lane.
Summary
This proposed Traffic Improvement Agreement is in support of furthering the development of the Lisso Tract and improvements to Immanuel Road. The Lisso Tract is generally located along the east side of Immanuel Road, along both sides of Wells Branch Parkway, for which Taylor Morrison (Homes) of Texas, Inc. is under contract to purchase.
A Traffic Impact Analysis (TIA) was required in conjunction with the initiation of the project. The agreement is establishes that the total developer contribution is $1,069,442. This sum includes required TIA Mitigation improvements at $309,000; construction of a traffic signal at the future intersection of Wells Branch Parkway at E. Pfennig Lane for $330,000, and contribute $429,887 toward the future improvement of Immanuel Road.
The agreement specifies development triggers for the payment or performance of these items.
The Immanuel Road contribution is a net supplement of funds that will be committed to go toward the widening of the roadway which is among the projects included in the November 3, 2020 bond election.
Prior City Council Action
The Lisso Tract Rezoning was approved by the City Council on October 22, 2020.
Deadline for City Council Action
Action is requested on September 8, 2020.
Funding Expected: Revenue _x_ Expenditure __ N/A __
Budgeted Item: Yes __ No _x_ N/A __
Amount: ________
1295 Form Required? Yes __ No _x_
Legal Review Required: N/A __ Required _x_ Date Completed: _8/31/2020__
Supporting documents attached:
Traffic Improvement Agreement
Recommended Action
Approve the Development Agreement for Roadway Improvements with Taylor Morrison of Texas, Inc.associated with the development of the Lisso Tract, benefiting transportation facilities in the vicinity including Immanuel Road, Wells Branch Parkway and E. Pfennig Lane.