TITLE
title
Glen Lake’s Commons Signalized Intersection Construction Agreement With Glen Lake’s Commons, LLC, and Associated Budget Amendment
body
BRIEF OVERVIEW
The attached signalized intersection construction agreement between Hernando County and Glen Lake’s Commons, LLC (GLC) is presented to construct a signalized intersection for the US Highway 19 and Glen Lakes Boulevard. The County will be the project manager responsible for the design, permitting, construction and funding of the Signalized Intersection Relocation Project.
The project cost is estimated at $1,325,058.00 to include the design, permitting and construction costs for the project. The agreement contains a proportionate share allocation for the Signalized Intersection Project assigning 73.66% to the County and 26.34% to Glen Lake’s Commons.
FINANCIAL IMPACT
Funds in the amount of $1,325,058.00 will be available with approval of the attached budget amendment in the following accounts:
Fund: 1022 - Gas Tax 1-5 Residential Roads, Department: 03241 - Additional Local Option Gas Tax 1-5, Account: 5616307 - Improvements-Signals
Funds in the amount of $349,020.00 will be received from the developer, Glen Lakes Commons (GLC), and deposited to Account: 1022-3449040.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Chapter 125, Florida Statutes.
recommendation
RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached Glen Lake’s Commons Signalized Intersection Construction Agreement in the amount of $1,325,058.00. It is further recommended that the Board approve the associated budget amendment.