2014 2:00:00 PM

Monday, March 10, 2014 2:00 PM
Council Chambers, Legislative Bldg., 745 Fourth St., Sparks, NV

General Business: 6.3

Title: Consideration and possible approval of a Capital Contribution Front Ending Agreement (CCFEA) with Rising Tides, LLC (Developer of Record) for offered capacity improvements to be made to Lazy 5 Parkway and David Allen Parkway.

Petitioner/Presenter: John A. Martini, P.E., City Engineer/John A. Martini, P.E., City Engineer

Recommendation: Staff recommends that the City Council Approve the CCFEA with Rising Tides, LLC.

Financial Impact: None

Business Impact (Per NRS 237):
A Business Impact Statement is not required because this is not a rule.

Agenda Item Brief: This item seeks approval of an agreement between Rising Tides, LLC, (Developer of Record), the RTC of Washoe County and the City of Sparks whereby the developer will receive Regional Road Impact Fee Credits in an amount equaling the fair value of the right of way dedication and roadway improvements for David Allen Parkway and a portion of Lazy 5 Parkway estimated at $4,084,527.00. These improvements were dedicated to the City of Sparks in support of a major medical facility to be located in the Kiley North New Urban District. This CCFEA was considered and approved by the RTC Board on July 19, 2013.

Background: Kiley Ranch Communities, as developer of record, entered into a Capital Contribution Front-Ending Agreement (CCFEA) with the Regional Transportation Commission (RTC) and the City of Sparks for right of way dedication and construction of Lazy 5 Parkway and David Allen Parkway on November 30, 2007. The City of Sparks approved the Civil Improvement plans for each project in the first quarter of 2008 and construction was completed in the fourth quarter of 2008. However dedication of the right of way for each roadway was never offered by Kiley Ranch Communities to the City of Sparks. As such, the terms of the CCFEA were not met and the CCFEA was terminated by the RTC and the City of Sparks in 2012. In late 2011, the majority of the Kiley Ranch North New Urban District was purchased by Rising Tides, LLC, including Lazy 5 Parkway and David Allen Parkway. As part of securing the development of a major medical complex within the Kiley North New Urban District, Rising Tides LLC dedicated the right of way, including all improvements, for David Allen Parkway and Phase 1 of Lazy 5 Parkway to the City of Sparks via Tract Map 5033 as recorded on March 6, 2013. With the dedication of the right of way and improvements, Rising Tides, LLC has requested that the RTC and City of Sparks enter into a CCFEA to provide Rising Tides, LLC with Regional Road Impact Fees equal to the value of the dedicated infrastructure. In an effort to determine a reasonable value for the dedicated infrastructure, costs were estimated using typical unit costs determined by the RTC in establishing the 4th edition Capital Improvements Plan for the Regional Road Impact Fee Program (RRIF CIP- December 3, 2007). Final eligible cost include a reduction of 30% in estimated value due to the time lapse between completion of construction and dedication of improvements.

Analysis: The CCFEA will provide regional road impact fee credits in an amount equaling the fair value of the right of way dedication and roadway improvements for David Allen Parkway and a portion of Lazy 5 Parkway.

Alternatives: The City Council may deny the agreement and provide the City Manager with alternate direction.

Recommended Motion: "I move to approve the Capital Contribution Front Ending Agreement (CCFEA) with Rising Tides, LLC"

Attached Files:

Kiley North CCFEA # 521023 - david allen pkwy and lazy 5 pkwy.pdf

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