Item 8A
South Kimball-Continental Traffic Signal
380 Agreement
OVERVIEW
S. Kimball Ave
Dragon Stadium
Crooked Lane
“Stadium Southwest”
E. Continental Blvd.
Legends of
Southlake
Signal Location
APPLICANT: 925 South Kimball, LLC
REQUEST: Approval of a 380 agreement for the cost sharing of a traffic signal
LOCATION: 925 S. Kimball Avenue at Continental Boulevard
BACKGROUND AND OVERVIEW
Signal
Two office flex / industrial buildings totaling approx. 50,000 sf; approved by City Council on March, 18, 2014. Project to be named “Stadium Southwest”
Condition of approval was for the construction and cost sharing of a traffic signal installation
Use of 380 required because City portion greater than 30%
AGREEMENT OVERVIEW
CITY BUDGET: $200,000 approved in FY 2015 out of Red Light Camera Fund for this signal
AGREEMENT: Developer to pay lesser of 25% or $50,000 with City paying the balance. Agreement corrects a misstatement of the ratios from March 18, 2014
OTHER CONDITIONS:
Design to be reviewed and released for construction by Public Works
Payment will not be disbursed prior to City inspection and acceptance
Questions