Bill Type and Number: Ordinance 2002-86

Sponsor: Land Use and Zoning Committee

Date of Introduction: January 22, 2002

Committee(s) of Reference: RCD, LUZ

Date of Analysis: January 25, 2002

Type of Action: Amending DRI build-out date

Bill Summary: The bill amends the Galleria DRI to extend the build-out date from December 2001 to December 2006 and to reduce the size of the previously approved development rights. The amendment also authorizes an amendment to the Galleria's agreement with the JTA for the project's financial contribution to transportation improvements to include an inflation factor.

Background Information: The Galleria DRI was originally approved in 1974 and has been amended numerous times in the succeeding years. The bill reduces the office development rights from 600,000-sq. ft. to 544,200, and reduces the retail development rights from 440,000 to 367,400 sq. ft. Rights to 250 hotel rooms remain unchanged. The inflation factor for the JTA contribution agreement is 3.3% per year from 2002 through 2005 (17.63% cumulative interest if payment is deferred until the 5^th year).

Policy Impact Area: DRI amendment

Fiscal Impact: Undetermined

Analyst: Clements