Title
Consider a resolution authorizing the Mayor to execute a Property Exchange Contract with Chandler Creek Parcel G&I, L.P. and Chandler Creek Parcel J&K, L.P.
Body
The Cypress Boulevard Realignment project will reconstruct Cypress Boulevard so that it aligns with the Eagles Nest at the Sunrise Road intersection. This new configuration will prevent the future need for a complex and inefficient signal system at the current offset intersection, and it will support the growth and development anticipated for the land along Cypress Boulevard. In order to accomplish this realignment, additional right-of-way is needed to construct the roadway.
Through negotiations with the property owners, the Chandler Creek Parcel G&I, L.P. and Chandler Creek Parcel J&K, L.P. (hereafter collectively "Chandler Creek") has agreed to an arrangement in which Chandler Creek will exchange the right-of-way needed for construction of the new the roadway, for the existing Cypress Boulevard right-of-way, once the new roadway is constructed. In addition, in this contract Chandler Creek has agreed to dedicate the right-of-way for the future Cypress Boulevard/Arterial L extension, which is shown on the Transportation Master Plan connecting to IH-35.
The contract contains performance and reversionary clauses ensuring the construction of Cypress Boulevard, and reversion of the property to its original owners should the roadway not be constructed. There is no cost for this right-of-way exchange.
Recommended Action
Staff recommends approval.