KINGMAN, Ariz. – The City Council voted to adopt a development agreement with KX Ventures, a partner with KRMC Kingman Regional Medical Center (KRMC), to facilitate the construction of a traffic interchange and supporting infrastructure at the Kingman Crossing area. In addition, the agreement includes up to $3 million from KX Ventures for the construction of Kingman Crossing Boulevard from the interchange to Southern Avenue. One-half of the new sales tax revenues from the area of the interchange will be used to pay back the developer for infrastructure development over the next 25 years, or until the companies are compensated for their contribution, whichever comes first.
“This is a huge step for the project coming to fruition, after over a decade of work, and thousands of staff hours dedicated to making this happen,” said Kingman City Manager Ron Foggin.
This agreement could potentially promote the economic development of the East Bench area and bring in needed TPT dollars. KX Ventures will provide the necessary funding to construct this major capital project. Over the course of this agreement, the City of Kingman will reimburse KX Ventures one-half of the TPT revenues generated in the project area.
Next steps include:
· Complete design of the traffic interchange and arterial roadways
· Acquire Right of Way
Project history includes:
· 2006 – The City hires URS Corporation to prepare a DCR, FHWA Change of Access Report (COAR), Environmental documents and 30% Engineering Design documents.
· 2010 – COAR and DCR are complete
· 2017 – The City hires AECOM to update COAR and design Kingman Crossing Boulevard from I-40 to Southern Avenue
· 2018-19 – The City negotiating a Development Agreement with Kingman Regional Medical Center (KRMC) for TI design and construction funding
· October 1, 2019 – Kingman City Council approves development agreement with KX Ventures