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Funding gap grows: developers have provided $15M; $5M remaining to meet $20M cap
Summary
Staff told the commission developers have provided $15 million toward a $20 million developer cap; staff also noted transportation impact-fee estimates rose after an impact-fee increase and the construction budget currently lacks a typical 10% contingency.
Staff presented the developer cap structure: $15 million initial funding with an additional $5 million required to reach a $20 million cap. Williams said the city has the initial $15 million in the KPI roadway account but needs the remaining funds or other remedies to fund construction.
Commissioners asked about cost estimates and contingencies; staff said the physical construction element is roughly $16 million within a total road estimate of about $25–26 million, and that the plan currently lacks the typical 10% contingency on large projects. Williams also noted that transportation impact fees rose after an increase (cited as July 23) and that prior estimates pre-agreement were lower.
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