Explanation
Broughton Avenue intersects with Outerbelt Street that is located off East Broad Street just east of the Lucent site. The developed section of this site houses industrial businesses. The undeveloped section, over 30 acres, is located to the north. Due to its industrial nature, a significant amount of traffic to and from this site is truck traffic. Traffic on East Broad Street has increased each year making it progressively more difficult for trucks to turn left onto Broad Street. Tenants have left and new tenants are difficult to attract due to the access problem. Five years ago the vacancy rate among 20 office and office/warehouse buildings consisting of 468,000 square feet was zero percent ; currently the vacancy rate is 32 percent. The 30-acre site can accommodate up to 400,000 additional square feet. Translating square footage to employees, more than 1,030 employees could be accommodated at this site.
The owners of the buildings along Outerbelt Street financed an independent traffic study that concluded that a traffic signal at Outerbelt Street and East Broad Street was warranted. Because of the close proximity of traffic signals at the Lucent site and Brice Road, the Transportation Division proposed that Broughton Street be extended to McCormick Boulevard so the existing traffic signal at Brice Road and East Broad Street can be utilized. The Economic Development Division has determined that the cost of extending Broughton Avenue is warranted.
This legislation authorizes the City to enter into a contract in an amount up to $607,616.09 for the Broughton Avenue Extension project, to pay construction inspection costs up to $90,772.86 and to pay American Electric Power Company $1,611.05 for the facilities to provide power for the street lights. This improvement details the extension of Broughton Avenue from its east terminus to McCormick Boulevard by adding a bridge, pavement, sidewalks, street lighting and storm sewers. The estimate...
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