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| ORIGINATING DEPARTMENT: |
COUNCIL GOAL: |
| Planning and Building |
Ensure Economic Vitality |
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ACTION REQUESTED:
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| Resolution |
| SUBJECT: |
| Consider motion to adopt RESOLUTION authorizing the Mayor to sign a Development Agreement by and between the City of Ankeny, Iowa, and North Ankeny Boulevard LLC. regarding the construction of 36th Street Centre Plat 1. |
| EXECUTIVE SUMMARY: |
| A Resolution authorizing the Mayor to sign a development agreement between the City and North Ankeny Boulevard, LLC, to reimburse the City for 25% of the costs and expenses of a future traffic signal at intersection of NW 36th Street and the private road approximately 750 feet west of N Ankeny Boulevard. The current traffic study approved by the City, shows that additional traffic generated from the 36th Street Centre Plat 1 will likely require a future traffic signal and additional right-of-way improvements at the intersection of NW 36th Street and the private road approximately 750 feet west of N Ankeny Boulevard. The traffic signal is not currently programmed into the City's current Capital Improvement Program. If a traffic signal at the intersection is found to be needed or warranted within the first ten (10) years of the project being open to the public, the City is agreeable to share the cost of the traffic signal, as well as complete the traffic signal as part of a future City CIP project. The Developer agrees to pay the City 25% of the actual construction costs incurred by the City to construct the traffic signal at the intersection, up to a maximum amount of $117,429. The City agrees the Developer shall not be responsible for any financial contribution to the traffic signal construction at the intersection after the first ten (10) years of the Project being open to the public. |
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FISCAL IMPACT:
Yes |
| Potential cost share for a future traffic signal. |
| CITY MANAGER'S RECOMMENDATIONS: |
| Approve and accept resolution. |
| PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S): |
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