TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Transportation Impact Fee Reimbursement Agreement with Sabal Trace Development Partners, LLC Regarding Tuscola Boulevard Bridge (Central Parc)
Recommended Action
Approve the transportation impact fee reimbursement agreement with Sabal Trace Development Partners LLC regarding the Tuscola Boulevard Bridge (Central Parc).
Background Information
The redevelopment of the Sabal Trace golf course was approved as Central Parc at North Port, creating Activity Center #9, rezoning the property to Planned Community Development, and creating the opportunity for 500 single family homes in addition to a mixed-use development area. As part of this redevelopment, both the City and the developer have expressed interest in constructing a bridge over the Cocoplum waterway at Tuscola Boulevard that would lead directly into the Central Parc development. The developer would design and construct the bridge and would then be reimbursed through transportation impact fees collected within the new development. The construction must be complete prior to or concurrent with the 250th Certificate of Occupancy for the development. The City will reimburse up to $1,992,000 from transportation impact fees collected within the development. The agreement further stipulates the way requests for reimbursement and payments will be made.
Legal has reviewed the agreement as to proper form and correctness.
Strategic Plan
Develop and maintain the City's roads, bridges, storm water drainage, and water ways with creative infrastructure funding mechanisms; promote multimodal transportation opportunities throughout the City.
Financial Impact
Reimbursement of impact fees collected within the subject property up to a maximum amount of $1,992,000. A budget amendment will be brought back after October 1, 2019 to allow for payment under this agreement.
Procurement
N/A
Attachments:
1. Tr...
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