Discussion and possible action to approve a Development and Reimbursement Agreement with GS Peoria Residential Property Owner, LLC, GBFR PEORIA PLACE LLC, and Peoria Place Property Owner, LLC, (collectively “Greystar”) for Greystar’s proportional cost contribution towards (a) the installation and construction of a future traffic signal at 83rd Avenue / Whitney Drive and Cotton Crossing; and (b) implementation and construction of traffic calming measures.

Greystar owns approximately 88 acres of land generally located along Cotton Crossing and 83rd Avenue/Whitney Drive (the “Property”) in Peoria and intends to develop the Property as a mixed-use development in accordance with the Peoria Place Planned Area Development (“Peoria Place PAD”).  The Property has been separated into six separate parcels for zoning and planning purposes.  Pursuant to the Peoria Place PAD, Greystar is obligated to fund its proportional share of $400,000.00 for a future traffic signal at 83rd Avenue / Whitney Drive and Cotton Crossing.  Furthermore, Greystar has also agreed to provide a cash contribution of $100,000.00 for future traffic calming measures, but should the City determine that the traffic calming measures are not warranted or installed within ten years of the City’s receipt of the funds, the $100,000.00 will be returned to Greystar.

The cost contributions will be allocated among the parcels and the payment of these contributions will be triggered upon the issuance of the first building permit for vertical construction for each respective parcel.  Therefore, the purpose of this Development and Reimbursement Agreement is to articulate the allocation of the Traffic Signal Contribution and the Traffic Calming Contribution among the parcels, and the timing of the payment of said contributions by each parcel.

On June 16, 2020, Council Approved the Peoria Place Planned Area Development; Case No. Z06-03A.1, Ordinance No. 2020-09. 

Staff recommends approval of the Development and Reimbursement Agreement with Greystar for its proportional cost contribution towards (a) the installation and construction of a future traffic signal at 83rd Avenue / Whitney Drive and Cotton Crossing; and (b) implementation and construction of traffic calming measures.