Bill Type and Number: Ordinance 2006-1321

Sponsor: Transportation, Energy, Utilities & Safety Committee

Date of Introduction: November 14, 2006

Committee(s) of Reference: TEUS

Date of Analysis: November 17, 2006

Type of Action: Fair Share Agreement

Bill Summary: This bill approves a Fair Share Assessment Contract with Duval Station Signature, LLP for the "Duval Station Commercial Center Phase 1" project.

Background Information: The project consists of up to 34,071 sq. feet of non-residential uses to be built on approximately 8 acres on North Main Street between Duval Station and Castleberry roads. The Fair Share Assessment is $662,460 with a 5-year term. Concurrency Review estimated a total of 135 peak hour trips being generated over a total of 4.59 miles on deficit Links 102 (Main), 103 (Main), and 360 (Pecan Park) in Sector 6.1. Inflation rate is 3.50% at the end of the first year and 3.3% thereafter for each year the amount is unpaid. The project will be in District 11.

The project is on east side of Main at the intersection with Duval Station. The property, subdivided into four out-parcels, is on both sides of Duval Station. Vertical construction of 17,000 square feet is planned for Year 4 and 17,071 for Year 5.

Policy Impact Area: Economic Development/Street and Roads

Fiscal Impact: Fair Share Assessment to be banked is for $662,460 to Sector 6.1 account

Analyst: Weiss