Eric M. Braun
919.466.1263
Fax: 919.516.2063
ebraun@kennedycovington.com
April 21, 2008
Mr. Tim Bailey, P.E.
Director of Engineering
Town of Cary
Town Hall Campus
316 North Academy Street
Cary, North Carolina 27511
Re: Parkside Town Commons Transportation Improvement Agreemetn (the "Town Agreement") and CSX Rail Crossing Agreement (the "CSX Agreement")
Dear Tim:
Thank you for working with Robb Teer, Kite Realty Group and myself with respect to the above-referenced agreements. We look forward to beginning work on the Parkside Town Commons project (the “Project”), and helping the Town implement the Alston Activity Center Concept Plan (the “AACCP”). It is my understanding that the next step is appearing before the Cary Town Council’s Planning and Development Committee to present the Town Agreement and the CSX Agreement for consideration. In that regard, we wanted to provide a general summary of the agreements and their associated benefits that will accrue to the Town and its citizens.
Summary of the Project
The Project is located generally at the northeast quadrant of the intersection of Highway 55 and NC 540. Robb Teer and Kite Realty Group have worked closely with the Town over the last several years to craft the Project into one of the cornerstones of the AACCP. Accordingly, the Project will be an integrated, vertical, mixed-use community with retail, residential and ancillary uses as detailed in the AACCP. Due to the Project’s proximity to Research Triangle Park, the Project is integral to providing housing and retail opportunities for RTP employees. By locating such amenities in close proximity to RTP, commute times will be reduced, the Town’s transportation network will be enhanced, and traffic safety will be improved. Further, the Project will create approximately 2,000 new jobs, and continue the Town’s tax base expansion.
A key component necessary for implementing the Project is enhancing the surrounding transportation network through a series of road improvements, including a new grade separated crossing, while also closing two existing at-grade rail crossings. Due to the nature and complexity of this endeavor, we have worked diligently with the Town, CSX Railroad and NCDOT to negotiate agreements setting forth the obligations, expectations, and process for making these transportation network improvements.
The Town Agreement
The centerpiece of the Town Agreement is the developer’s waiver of all reimbursements it may be entitled to relating to thoroughfare improvements to be made in conjunction with the development of the Project. Pursuant to the terms of the Town Agreement, the developer will install approximately $7 million worth of thoroughfare improvements, $1.6 million of which would be reimbursable under the Town’s applicable reimbursement policies. In addition, the developer will contribute $500,000.00 to the Town for the construction of a grade separated railroad crossing on the realigned Carpenter Fire Station Road.
CSX Railroad Crossing Agreement
In addition to the Town Agreement described above, the developer is negotiating with the Town, CSX Railroad and NCDOT to close 2 at-grade railroad crossings located at Carpenter Fire Station Road and Morrisville Carpenter Road in exchange for the Town constructing a grade separated crossing located on Carpenter Fire Station Road. In conjunction with these road closings, two road segments located within the Carpenter Community will be closed and re-routed. These two road closures are part of the transportation improvements contained within the Carpenter Community Plan as shown on the attached map from the Carpenter Community Plan. Prior to undertaking these transportation improvements, at least 2 public hearings will be conducted to obtain community input.
Benefits to Citizens of the Town
The thoroughfare improvements proposed in the Town Agreement and the CSX Agreement are part of the Town’s overall transportation improvement plan. These agreements will accelerate the construction of these improvements, while providing enhanced safety to the Carpenter Community, as well as improving the capacity of the transportation system in and around RTP. Further, during the implementation of these agreements, there will be temporary road closings within the Carpenter Community. These temporary closings will also enhance safety because traffic will be routed through only signalized railroad crossings rather than the existing unsignalized railroad crossing on Carpenter Fire Station Road. Further, these temporary closings will reduce traffic congestion and improve current traffic flow.
Given the nature of the Project and the opportunity it presents to coordinate transportation improvement projects with the Town, we believe endorsing these agreements will benefit the Town’s economy, as well as the safety of its citizens.
Should you have any questions or need additional information, please feel free to contact me.
Sincerely,
Eric M. Braun
For the Firm
EMB/pjn