Title
Resolution - Authorization of Additional Funding in the Amount of $51,965.79 Related to the Developer Participation Contract Between the City of Mansfield and Realty Capital Management, LLC for Roadway Improvements Related to the Watson Branch Development (Street Bond Fund)
Requested Action
Consideration of the Resolution.
Recommendation
Approval of the resolution authorizing additional funding in the amount of $51,965.79 related to the Developer Participation Contract between the City of Mansfield and Realty Capital Management, LLC for roadway improvements related to the Watson Branch Development
Description/History
On July 13, 2020 the City Council approved Resolution #3361-20 which authorized the City and Realty Capital Management, LLC to enter into a developer agreement for improvements related to the Watson Branch development. The developer agreement included City participation for intersection improvements at FM 157/Watson Branch Lane. These improvements included north and southbound left-turn lanes, a northbound right-turn lane and a traffic signal. These improvements have been completed and accepted by the City.
The developer agreement outlines the percentage of the cost share for the specific elements of the project. The City’s share is 75% of the traffic signal cost and 50% of the paving costs but capped at $481,667.35. However, the developer agreement does provide a provision that “All parties agree in the event construction costs greatly exceed the capped amount that a good faith effort by the Owner and the City will be considered to equitably share said costs”. The City’s percentage share, based upon verified construction costs exceeded the agreement’s cap by $51,965.79.
Justification
The City has verified that the costs of constructing the FM 157/Watson Branch Lane improvements have exceeded the capped amount stated in the developer agreement. The developer agreement costs were based on an engineer’s estimate. The actual...
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