Development activity around the Watters Creek at Montgomery Farm Retail Development has necessitated the construction of Montgomery Boulevard. The residential development of two proposed neighborhoods south of Bethany and west of Watters Branch Creek will benefit from Montgomery Boulevard extending to US75. With this extension, these neighborhoods will not have to rely exclusively on Bethany Drive for that connection.
The construction of this collector roadway will be a cooperative effort between the City of Allen, the owners of Watters Creek at Montgomery Farm Shopping Center (WCO), and the Montgomery Family (owners of the property south of Bethany Drive and west of Watters Branch Creek, also known as Wretched Land). This proposed amendment to the existing agreement obligates Wretched Land to construct Montgomery Boulevard up to the Watters Branch Creek Bridge by December 31, 2015, and start such construction no later than 90 days following the issuance of the first building permit in the first phase of their project. Furthermore, the agreement preserves the original condition that limits the participation of Wretched Land to $500,000 for the cost of the proposed bridge spanning Watters Branch Creek. To act as a guarantee for performance, the agreement also requires an irrevocable letter of credit to be provided to the City of Allen by Wretched Land, equal to the project cost to construct their portion of Montgomery Boulevard.
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The terms of this agreement collect a payment of $500,000 from Wretched Land, for their share of project costs associated with the Montgomery Boulevard bridge. Those funds will be used to establish a project budget and move forward with the design of the bridge and extension of the road to US 75. |