Bill Type and Number: Ordinance 2007 - 242

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 Beaches Hospitality, LLC for the "Beach/Hodges Hotel(s) Site" project.

Background Information: The project consists of two hotels with 81 and 58 rooms to be built on approximately 2.4 acres on Beach Boulevard, between Hodge Boulevard and Gerona Drive East. The Fair Share Assessment is $308,724 with a 5-year term. Concurrency Review estimated a total of 59 peak hour trips being generated over a total of 1.28 miles on deficit Link 516 (Beach Blvd from Hodges Boulevard to San Pablo Road) in Sector 2.1. 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 3.

Policy Impact Area: Economic Development/Street and Roads

Fiscal Impact: Fair Share Assessment to be banked is for $308,724 to Sector 2.1 account

Analyst: Weiss