Bill Type and Number: Ordinance 2007 - 241

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 River City Signature, LLP for the "River City Signature" project.

Background Information: The project consists of up to 100,995 square feet of retail space and 145,585 square feet of light industrial uses to be built on approximately 76.37 acres at 15226 Duval Road. The Fair Share Assessment is $1,222,564 with a 5-year term. Concurrency Review estimated a total of 329 peak hour trips being generated over a total of 6.95 miles on deficit Links 543 - Duval Road, 372 - Starratt Road, 102 - Main Street, and 103 - Main Street 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 $1,222,564 to Sector 6.1 account

Analyst: Weiss