Title
Chief Administrative Office providing a status report on negotiations with Granite Grado Ventures referred by the Board on December 11, 2007. (Cont'd 2/26/08, Item 23)
FUNDING: West Slope Traffic Impact Mitigation Fee program.
Body
BUDGET SUMMARY:
Total Estimated Cost $2,311,640
Funding
Budgeted $2,311,640
New Funding $
Savings $
Other $
Total Funding Available $2,311,640
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost: The Department of Transportation has budgeted $3 million (from FY 2007 through FY 2009) in the West Slope Traffic Impact Mitigation Fee program for the Missouri Flat/Pleasant Valley Connector (Project 72334).
Background: Since 2005, the Board of Supervisors has supported efforts to coordinate the future development within the Missouri Flat corridor so that the area becomes a retail and commercial destination point. The County has received an application from Granite Grado Ventures (GGV) for a retail development, Diamond Dorado, at the future intersection of Missouri Flat Road and the Diamond Springs Parkway. The proposal also includes relocating Waste Connection’s Materials Recovery Facility (MRF) to the western terminus of Industrial Drive. This proposal presents the County with a unique opportunity to work with the development community to build an important facility identified in the Missouri Flat Circulation and Financing Plan.
Reason for Recommendation: GGV has proposed that the costs of conducting the environmental review, traffic studies, and design for the project, currently estimated at $3.1 million, be split into three cost centers:
· Diamond Dorado $ 419,656
· MRF 367,158
· Diamond Springs Parkway 2,311,640
$3,098,454
The estimated cost of constructing the parkway is $15 million. The cost benchmark for the environmental review, traffic studies, and design is 20% of the project costs, or $3 milli...
Click here for full text