Developer to pay Senoia back for city-funded path
An updated development agreement approved Monday by the Senoia City Council will have the city reimbursed for the cost of installing a multi-use path along Rockaway Road from Heritage Pointe subdivision to the Eddie Couch bridge.
Developer Scarbrough and Rolader Development LLC will pay $1,500 for each residential lot sold in Phase 2 until the project cost of more than $400,000 is met.
In was in November 2004 that Scarbrough and Rolader in a development document with the city agreed to install a connector road between Rockaway Road and Stallings Road via Emmett Freeman Road contingent on approval by CSX Railroad to cross the tracks. That approval was unable to be obtained, said City Administrator Richard Ferry.
A subsequent agreement in March 2008 had the developer responsible for paying the city the full cost of construction with interest for the installation of a multi-use path along Rockaway Road between Heritage Pointe and the Eddie Couch bridge when ground was broken on Phase 2.
Subsequent to the agreement, and though no homes were constructed in Phase 2, the city installed the path at a cost of $400,873.
The vote by the city council Monday night agrees to have the developer pay $1,500 per lot each time a lot is sold in Phase 2 until such time as the $400,873 is paid to the city. Council members in the vote agreed to waive the previous interest requirement. The agreement further notes that the developer will prepay the debt if all the lots are sold in bulk to another party.
Ferry after the meeting said the potential exists to see some residential activity in 2014. Heritage Pointe Phase 2 includes 283 lots, Ferry said.
In total, Heritage Pointe subdivision contains more than 660 lots. Of those, 360 are included in Phase 1.