2014.04.16 Council Agenda Item 03
Summary
Discussion regarding a Limited Development Agreement between the Town, Walmart and Falmouth Plaza, LLC regarding the construction and maintenance of Hat Trick Drive.
A public comment period will not be included with this item.
ACTION: Council action is not anticipated.
Description
The Town of Falmouth is negotiating a partnership with Falmouth Plaza LLC, Walmart and Family Ice to improve the area behind Walmart that is commonly know as Hat Trick Drive. The proposed improvements will include the development of a public road, landscaping, parking, and pedestrian amenities. The proposed project will be funded equally by the Town of Falmouth, Walmart and Falmouth Plaza LLC. The total project cost is estimated at $525,000 and the Town of Falmouth share will be $175,000 to be funded from the Route One Tax Increment Financing District.
The proposed project will be consistent with planning that has been in place for more than ten years and will amoung other things, reduce traffic pressure on Route One by providing an improved thoroughfare between Depot Road and Clearwater Drive.
The Town has considered a Limited Development Agreement with two easements for the past several years. The agreement and exhibits have not substantively changed over the years and the attached proposals, after several minor modifications, will be presented to the Town Council for an order at the Town Council meeting on May 12, 2014. A copy of the Limited Development Agreement and exhibits is attached.
