Bill Type and Number: Ordinance 2007-468

Sponsor: LUZ Committee

Date of Introduction: April 24, 2007

Committee(s) of Reference: LUZ

Date of Analysis: April 27, 2007

Type of Action: Amendment to development agreement

Bill Summary: The bill approves an amendment to the development agreement between the City and Talon Properties, GP, to extend the developer’s concurrency reservation for the project for 5 additional years from September 2006 to September 2011.

Background Information: The property is located on Shad Road east of Hood Road South in Council District 5. The developer has reserved concurrency capacity for 167,415 sq. ft. of warehouse/distribution, office and flex space, of which 80,450 sq. ft. has been constructed and 54,025 is currently pending permitting, leaving 32,940 sq. ft. remaining to be developed in future years.

Policy Impact Area: Concurrency reservation extension

Fiscal Impact: The developer pays an annual reservation fee to retain rights to the capacity.

Analyst: Clements