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Department of Transportation and Chief Administrative Office, Community Development Finance and Administration Division, recommending the Board approve the attached budget transfer to establish appropriations in a recently established special revenue fund for developer-funded Silver Springs Right-of-Way costs in FY 2021-22. (4/5 vote required)
FUNDING: Developer Funded.
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DISCUSSION / BACKGROUND
Silver Springs Parkway Offsite (South Segment), Capital Improvement Project number 76108, is a project to realign Bass Lake Road south of Green Valley Road through the proposed Silver Springs Subdivision, which is west of the existing Bass Lake Road. The new road will be a two-lane standard divided roadway with shoulders. The Silver Springs subdivision developer is responsible for partial funding for the project, including for building Silver Springs Parkway through the Subdivision.
On September 25, 2012, the Board approved agreement 07-1468 titled, “Reimbursement Agreement for the Onsite and Offsite Road Improvements for Silver Springs Development between the County and the Developer” (Agreement). As a part of the agreement with Silver Springs, LLC (Developer), under Section 1.02(D)(i)(l), the County was obligated to advance Traffic Impact Funds (TIF) for the first $1,000,000 in Right-of-Way (ROW) costs and costs incurred to update the Final Environmental Impact Report (FEIR), pursuant to the terms and conditions of the Road Improvement Agreement (RIA) 12-53452, entered into on the same date. In FY 2020-21 the County calculated that the ROW costs exceeded $1,000,000. Per the agreement, once the County provides notice to the developer that the initial ROW costs have been advanced, the developer shall advance the remaining costs of ROW acquisition. On December 17, 2020, the County sent notice to the Developer and a breakdown of all ROW costs to date, as well as expected costs to the complete the ROW and FEIR. The Developer provided a check for the excess cost...
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