Bill Type and Number: Ordinance 2006-1322

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 II" project.

Background Information: The project consists of up to 75,659 sq. feet of shopping center space to be built on approximately 11 acres on North Main Street between Duval Station and Castleberry roads. Two retail centers with one out-parcel are planned. In Year 4, 40,000 square feet is planned for construction and the balance of 35,659 square feet in Year 5. The Fair Share Assessment is $1,103,114 with a 5-year term. Concurrency Review estimated a total of 223 peak hour trips being generated over a total of 6.59 miles on deficit Links 102 (Main), 103 (Main), 367 (Pecan Park), and 368 (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.

Policy Impact Area: Economic Development/Street and Roads

Fiscal Impact: Fair Share Assessment to be banked is for $1,103,114 to Sector 6.1 account

Analyst: Weiss