Bill Type and Number: Ordinance 2007 - 240

Sponsor: Transportation, Energy, Utilities & Safety Committee

Date of Introduction: February 27, 2007

Committee(s) of Reference: TEUS

Date of Analysis: March 2, 2007

Type of Action: Fair Share Agreement

Bill Summary: This bill approves a Fair Share Assessment Contract with Old Gainesville Properties LLC for the "Old Gainesville Properties LLC Office/Warehouse Development" project.

Background Information: The project consists of up to 50,000 square feet of warehouse space and 30,000 square feet of office space to be built on approximately 10.34 acres on the north side of Normandy Boulevard between Chaffee Road South and Stratton Roads. The Fair Share Assessment is $625,274 with a 7-year term. Concurrency Review estimated a total of 116 peak hour trips being generated over a total of 3.42 miles on deficit Links 211 (Chaffee Road) and 52 (Normandy Boulevard) in Sector 4.1. 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 12.

Policy Impact Area: Economic Development/Street and Roads

Fiscal Impact: Fair Share Assessment to be banked is for $625,274 to Sector 4.1 account

Analyst: Weiss