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TN yr � �� BOOK FAGE 5J� TO: James E. Chandler, County Administrator FROM: James W. Davis, P.E., Public Works Directo SUBJECT: Developer's Agreement - Citrus Springs - Paving and Bridging of 5th Street SW REF.LETTER: Bruce Barkett to James Davis dated May 8, 2000 DATE: May 19, 2000 DESCRIPTION AND CONDITIONS The Public Works Department staff and developer of Citrus Springs (east of Kings Hwy between Oslo Road and the South Relief Canal) have negotiated the attached developer's agreement for paving improvements along 5th Street SW between 58th Avenue and 43rd Avenue as well as bridging the lateral "B" Canal at 5th Street SW east of Kings Highway. ALTERNATIVES AND ANALYSIS The agreement provides for 50% County/50% developer funding for paving 5th Street SW where the developer has frontage on two sides of the road and 75% County/25% Developer funding of that portion of 5th Street SW where the Developer only has frontage along the north side. In addition, the Developer will initially provide $200,000 for the bridging of Lateral "B" canal and the County will fund the remaining $280,000. The Developer will receive Traffic Impact Fee credits not to exceed 30 credits per year in exchange for the $200,000 initial funding. The estimated cost of the 5th Street SW paving project (not including the bridge) is $450,000. A similar agreement with the Developer of Arbor Trace Subdivision located at the SW corner of 5th Street SW/43rd Avenue will provide funding in the amount of 50% of the cost of the east 1320 c.f. of the project ($56,250). The Developer of Citrus Springs will fund approximately $112,500, and the resulting County cost is approximately $281,250. A portion of the resulting County cost will possibly be funded by other new development currently planned. The County will also have to revise the Kings Highway Phase 2 project to include a left turn lane at Kings Highway/,5th Street SW. The alternatives presented are as follows: JUNE 69 2000 -64- • 0