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A RESOLUTION <br />• ACCEPTING REVISED PROFFERS FROM THE <br />DEVELOPERS OF ALBEMARLE PLACE AND AUTHORIZING THE ALLOCATION OF <br />$500,000 TOWARD IMPROVEMENTS ON <br />SOUTHBOUND U.S. ROUTE 29 AND THE U.S. ROUTE 250 BYPASS <br />WHEREAS, the developers of "Albemarle Place" have proffered to Albemarle County <br />certain road improvements in the City of Charlottesville along west -bound Hydraulic Road, <br />adjacent to K -Mart, and along north -bound U.S. Route 29 adjacent to Seminole Square Shopping <br />Center; and, <br />WHEREAS, in lieu of the above-described proffers the developers have proposed a revised <br />proffer of $500,000 toward the costs of an additional southbound lane on U.S. Route 29 between <br />Hydraulic Road and the U.S. Route 250 Bypass; an additional lane on the ramp between U.S. Route <br />29 and U.S. Route 250 Bypass; and an additional lane on the U.S. Route 250 Bypass between the <br />ramp and the Barracks Road off -ramp; and, <br />WHEREAS, the Virginia Department of Transportation ("VDOT") has awarded the City <br />$1,000,000 in Revenue Sharing funds for the same improvements that would be the subject of the <br />$500,000 proffer; and, <br />WHEREAS, the Revenue Sharing funding from VDOT requires a $1,000,000 match from <br />• the City, of which $500,000 may be from proffers; and, <br />WHEREAS, it is beneficial to the City to accept the revised proffers, in that the funded <br />improvements would improve existing traffic congestion and address an existing safety problem on <br />the ramp between U.S. Route 29 and U.S. Route 250 Bypass. <br />NOW, THEREFORE, BE IT RESOLVED by the Council for the City of Charlottesville, <br />Virginia that the Council hereby expresses its preference for, and willingness to accept, the <br />$500,000 revised cash proffer for improvements on southbound U.S. Route 29 and the U.S. Route <br />250 Bypass and the in-kind contribution of engineering services for the work, valued between <br />$300,000 and $500,000, in lieu of improvements to Hydraulic Road and U.S. Route 29 northbound. <br />BE IT FURTHER RESOLVED that City Council hereby expresses its intent to <br />appropriate up to $500,000 in matching funds required for the $1,000,000 VDOT Revenue Sharing <br />funding. <br />Approved by Council <br />September 4, 2007 <br />• Cl r of City Council <br />