ADMINISTRATIVE REPORT
MEETING DATE: May 27, 2026 AGENDA CATEGORY: Consent - Agreements TO: Honorable Mayor and City Council
FROM: Phillip Burns, Development Services Director
DATE: May 11, 2026
SUBJECT: Median Fee Reimbursement Agreement with Summit Capital Ventures, Inc.
(not to exceed $86,518.70) for median construction on East Panama Lane along the frontage of Tract Map 6712 Phases 1 & 2.
RECOMMENDATION:
Staff recommends approval of the agreement.
BACKGROUND:
The City Municipal Code requires that medians be constructed on arterial streets. Therefore, Tentative Tract Map 6712 includes a condition of approval for the Developer to construct 1,342 linear feet of median along the tract frontage on East Panama Lane, between South Union Avenue and Cottonwood Road. In accordance with this condition, the Developer expended $238,850.00 to construct the new median.
Median fees of $86,518.70 have been received from the developer of Tract 6865 located on the north side of East Panama Lane to cover its proportionate share of the cost of 1,342 linear feet of the median improvements.
The City will reimburse Summit Capital Ventures, Inc. $86,518.70 for its proportionate share of the costs of median construction.
FISCAL IMPACT:
Median fees collected are deposited into a separate trust account where they are held until a developer constructs the median. There is no impact to the General Fund.
COUNCIL GOAL:
Reliable Infrastructure
ATTACHMENTS:
1. Median Fee Reimbursement Agreement with Summit Capital Ventures, Inc.