Title
***ITEM CORRECTED (SEE ATTACHED MEMO)*** Authorization to Enter into Development Agreement with Forestar (USA) Real Estate Group Inc. (Ordinance S-52160) - District 2
Description
Request to authorize the City Manager, or the City Manager's designee, to enter into a Development Agreement with Forestar (USA) Real Estate Group Inc. for modification of the Central Arizona Project (CAP) canal bridge and possible construction of two new pedestrian bridges along Cave Creek Road to satisfy the stipulation of zoning case Z-6-22 to provide regional traffic mitigation improvements identified in the Stone Butte Traffic Impact Study. The accepted Traffic Impact Study further stipulates the need to mitigate traffic and address increased vehicular demand by widening the bridge at the Central Arizona Project (CAP) canal.
Report
Summary
The Stone Butte residential development is an approximately 416 acre development located west of Cave Creek Road and south of Jomax Road. In connection with development of the property, the Developer is required to design the modification of the Central Arizona Project (“CAP”) bridge, including the associated roadway and utility improvements, located at or in the vicinity of Cave Creek Road and Lone Cactus Drive. Following approval of the design plans, the Developer will provide a financial contribution for construction of related traffic mitigation measures as Developer’s obligation to contribute to regional traffic mitigation improvements related to traffic impacts from the development of the Property, pursuant to Stipulation 24 of Phoenix City Ordinance G-7006.
This Development Agreement obligates Forestar (USA) Real Estate Group Inc. to design and seek approval from the City and CAP for modification to the CAP bridge, including the associated roadway and utility improvements, located on Cave Creek Road north of Lone Cactus Drive. The Developer is also required to provide a contribution, estimated at $6.15M, to share in the cost of construction.
Upon approval, the Street Transportation Department agrees to future construction of the infrastructure needed to mitigate the traffic impacts associated with the development.
Location
On Cave Creek Road, North of Lone Cactus Drive
Council District: 2
Department
Responsible Department
This item is submitted by Assistant City Manager Inger Erickson, the Street Transportation Department and the City Engineer.