Bill Type and Number: Ordinance 2007 - 168

Sponsor: Transportation, Energy, Utilities & Safety Committee

Date of Introduction: February 13, 2007

Committee(s) of Reference: TEUS

Date of Analysis: February 16, 2007

Type of Action: Fair Share Agreement

Bill Summary: This bill approves a Fair Share Assessment Contract with Vestcor Communities, Inc. for the "Villas at Kernan Boulevard" project.

Background Information: The project consists of up to 192 multi-family units to be built on approximately 12.5 acres at the northwest corner of First Coast Tech Parkway and Kernan Boulevard. The Fair Share Assessment is $300,495 with a 5-year term. Concurrency Review estimated a total of 60 peak hour trips being generated over a total of 2 miles on deficit Link 406 (Kernan from Beach to J. T. Butler) in Sector 3.4. 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 $300,495 to Sector 3.4 account

Analyst: Weiss