HomeMy WebLinkAbout12-14-1995 Memorandum MEMORANDUM
DATE: December 13, 1995
,.. TO: The Honorable Mayor and Board of City Commissioners
FROM: Montye E. Beamer, Director may,_
Administrative Services ��/'7
SUBJECT: Road Impact Fee, Cost Analysis and Project Financing
The attached accounting of the Road Impact Fees from their inception in FY89 through FY95
shows that currently there is a fund balance of$5.95 million. The 1990 Bond Issue for primarily
Clarke Road requires an average debt service of$621,000 annually through October, 2015. At
least one year's debt service should be held for financial viability since Road Impact Fees are
currently the sole source of payment for the 1990 issues, thereby leaving $5.32 million for the
next several projects listed in the Capital Improvements Element of the Comprehensive Plan and
the approved Road Impact Fee improvements-driven list.
The first discussion for this work session includes the intersection improvements Kissimmee/Story
and Marshall Farms/Maguire. A full report on these intersections is the next item in this package.
Staff recommends utilizing existing funds to begin construction on these improvements. Should
this be acceptable to the City Commission, the first agenda in January, 1996, should contain the
information to proceed with the necessary property appraisals.
as A second recommendation is to work with Orange County and convince them to help fund these
improvements. The addition of the County Administrative Services Building to Story Road
increased not only the destination-specific traffic (attraction) but also the number of County
vehicles moving in and out of the building (production). No improvements were made at the time
of the construction.
a The second discussion will concern Maguire Road. The conceptional work on this Road began
early in the development of the adjoining properties; the need for improvements has become
greater as the vested projects build out. The Joint Planning Area Agreement allows for the City
to improve this County Road as it is currently envisioned. Staff recommends that the engineering
for Phase 1 begin utilizing existing Road Impact Fee Funds and that dialogue with the Turnpike
Authority, the OOCEA, and FDOT commence for Phases 2 and 3.
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