Title
Department of Transportation recommending the Board approve and authorize the Chair to sign the Traffic Impact Fee Credit Transfer Agreement for the Silver Springs Development 21-54992 between the County, Silver Springs El Dorado County, Inc., and Silver Springs, LLC.
FUNDING: Developer Funded, Traffic Impact Fees.
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DISCUSSION / BACKGROUND
on December 15, 1998, the Board approved the Tentative Map for the Silver Springs Development, TM 97-1330 Project (Project), as submitted by Silver Springs, LLC (Owner). The Project’s Conditions of Approval made provisions for Owner to construct several improvements in the Capital Improvement Program (CIP), including CIP Project #66106: Green Valley Road / Silver Springs Parkway Intersection and Signalization; CIP Project #66114: Green Valley Road / Deer Valley Road Turn Lanes; and CIP Project #66107/76107: Silver Springs Parkway from Green Valley Road to the Southern Boundary of the Silver Springs Development. In addition, Owner elected to construct CIP Project #66108/76108: Silver Springs Parkway from the Southern Boundary of the Silver Springs Development to Existing Bass Lake Road.
These improvements were constructed under Road Improvement Agreements (“RIAs”) #06-1111 and #12-53452 (see Prior Board Actions section below). Per the Conditions of Approval, the cost of constructing these improvements was eligible for reimbursement under the Traffic Impact Mitigation (TIM) Fee Program, which was later renamed the Traffic Impact Fee (TIF) Program.
On September 26, 2006 (Item 15, Legistar 12-1213 v1), the Board approved the Reimbursement Agreement for the Onsite and Offsite Road Improvements for the Silver Springs Development, Agreement #07-1468 (Reimbursement Agreement), which outlined the terms and conditions under which Owner would be reimbursed for the construction of said CIP Project improvements. Under Section 1.03(A) of the Reimbursement Agreement, the Owner was allowed the option to utilize TIM Fee cred...
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