Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute The Attached Railroad Reimbursement Agreement Amongst The Florida Department Of Transportation, The South Florida Regional Transportation Authority And The City Of Hollywood To Pay Certain Costs Associated With Railroad Improvements Being Made Within The South Florida Rail Corridor At The Taft Street Crossing; And Authorizing The Appropriate City Officials To Execute The Attached Agreement With Stationside Partners LLC To Assign Stationside Partners LLC The Payment Obligations Stated Within The Aforementioned Railroad Reimbursement Agreement.
Body
Staff Recommends: Approval of the Attached Resolution.
Explanation:
Stationside Partners LLC ("Developer"), is the owner and developer of that certain residential development project within the municipal boundaries of the City commonly referred to a "Sheridan Station," located generally between Sheridan Street and Taft Street, west of I-95 and east of the South Florida Rail Corridor (the "Project".) As part of the City's development approval for the Project, the Developer is required to complete certain improvements on Taft Street west of the Project, including the improvement and widening of Taft Street at the point where Taft Street crosses the South Florida Rail Corridor (the "RR Improvements").
The South Florida Rail Corridor was formerly owned and operated by CSX Transportation (CSXT) but is now owned by the Florida Department of Transportation ("FDOT") and is operated by the South Florida Regional Transportation Authority ("SFRTA"). In order to facilitate the RR Improvements within the South Florida Rail Corridor, the FDOT and the SFRTA require the City enter into a Railroad Reimbursement Agreement (the "RRA") attached, by which the City agrees to pay certain costs associated with the RR Improvements ("Payment Obligations") and to undertake responsibility for the impro...
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