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Summary:
FamLee Investment Company, "FamLee", was the owner of approximately 119 acres of property, "Property," located at the southeast quadrant of Hazeltine National Drive and Goldenrod Road. Famlee sold the Property and to facilitate development, agreed to contribute $100,000 towards the installation of a traffic signal at Goldenrod Road and Hazeltine National Drive. Due to the fact that FamLee is not the entity developing the Property and would therefore not normally be required to fund the signal construction, FamLee has requested and the City has agreed to the grant of a transportation impact fee credit, "Credit", in the amount of $100,000. The Credit will be utilized by Famlee in conjunction with development of its remainder property within the Lee Vista DRI. |
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Fiscal & Efficiency Data:
N/A
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Recommended Action:
Approval of the attached Agreement and authorization for the Mayor or Mayor Pro Tem to execute same, subject to review and approval by the City Attorney's Office. |
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Agenda Item attachment(s) on file in the City Clerks Office.
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Note:
All agenda items must
be in the City Clerk's office by Noon Friday, six(6) business days prior to the
regular Monday City Council meeting.
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Contact:
Roy Payne, FJ Flynn
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Approved By:
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Department
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Date and Time
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| Budget Outside Routing Approval |
4/3/2014 11:04 AM |
| City Clerk |
4/3/2014 12:01 PM |
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