title
CONTRACT K-1516-78: A CONTRACT BY AND BETWEEN THE NORMAN TAX INCREMENT FINANCE AUTHORITY AND SMC CONSULTING ENGINEERS, P.E., IN AN AMOUNT NOT-TO-EXCEED $41,000 FOR THE DESIGN OF 24TH AVENUE N.W. AND RADIUS WAY INTERSECTION IMPROVEMENTS AND BUDGET APPROPRIATION FROM THE UNIVERSITY NORTH PARK TAX INCREMENT FINANCE DISTRICT FUND BALANCE.
body
BACKGROUND: On August 22, 2006, the Norman Tax Increment Finance Authority (NTIFA) approved Contract No. K-0607-45 by and between NTIFA and the University Town Center L.L.C., regarding Development Agreement No. 1 for the initial project activities associated with the traffic improvements needed to mitigate the additional traffic generated by the University North Park (UNP) development. One of the projects listed in Exhibit "A" of the above-mentioned contract is five intersections on 24th Avenue NW.
The City has paid for the construction of four of the five intersections along 24th Avenue NW as listed below:
* Mount Williams Drive
* Conference Center Drive
* Legacy Park Drive
* Corporate Center Drive
The fifth intersection being considered is Radius Way Drive which is located half way between Rock Creek Road and Corporate Center Drive (see the attached Project Location Map). This fifth intersection was discussed with Council on July 28, 2015 during the UNP TIF Update. This intersection will provide access to a multi-family project on the east side of 24th Avenue NW and future development on the west side of 24th Avenue NW. The intersection will include left turn bays for all four legs of the intersection, decorative pavement and decorative signal equipment.
The improved intersection of 24th Avenue NW and Radius Way is anticipated in the Final Site Development Plan and Final Plat for University North Park Addition, Section XIV, approved by the City Council on October 13, 2015 (FP-1516-9).
DISCUSSION: The 24th Avenue NW and Radius Way Intersection is included in the City's Capital Improvement P...
Click here for full text