The developer of a new medical office and shopping center at Oak Grove Parkway and Hill Lane would hand the town $235,656.75 to cover the traffic signal changes its driveway requires, under an agreement the Town Council is set to consider Tuesday, Oct. 13.
The escrow agreement with Ridge Realty Partners LLC, the company behind the project known as Oak Grove Commercial, is on the consent agenda, the list of items usually approved together in one vote.
Why the town is collecting
Oak Grove Commercial includes three medical and office buildings, three retail and restaurant buildings and the supporting infrastructure, according to the staff report from Development Services Director Wesley Brandon. Construction was permitted on July 23, 2024.
One of its required entrances is a driveway lined up with the existing Oak Grove and Hill Lane signal, and modifying that signal was the developer's responsibility under its approved plans.
The town's Hill Lane Expansion Project, a capital project whose construction contract the council awarded on Jan. 6, already includes new signal and intersection work at the same corner, and the project team added the driveway-related signal changes to that work, the staff report says. The agreement lets the town recover the developer's share.
Under the draft agreement, the money goes into an interest-bearing account controlled by the town and can be spent on the signal work or other nearby road improvements. If construction costs more than the deposit, the town can require the developer to pay the difference before a certificate of occupancy is issued.
Paying the escrow also clears the offsite-improvement requirement from the developer's site permit closeout.
