Summary:
CRP-GREP Elan Audubon Owner, LLC, "Developer", owns property located at 2901 Davisville Street in the City of Orlando, "Subject Property". Developer is developing the Subject Property as a 449 unit multi-family project, "Project". In conjunction with development of the Project, the Developer agreed to dedicate right-of-way to the City for the extension of Warehouse Road, a City street. Pursuant to Section 56.11, City Code, Developer is entitled to a transportation impact fee credit for the fair market value of the right-of-way dedicated. However, also per Code, the fair market value determination is limited to 150% of the tax assessed value of the property dedicated. Due to the possibility that the Subject Property is currently under-assessed, Developer and City have agreed that Developer will first pay the transportation impact fee for the Project less a credit based on the current tax assessment. The City will then revise the credit amount if the assessed value of the Subject Property increases in 2015. (The psf value of the credit shall not exceed the psf value paid by Developer for the Subject Property.) If such a revision in the credit is made, the City will return the applicable portion of the transportation impact fee that Developer previously paid. The current credit would be $73,102.50. The maximum adjusted credit based on the potential reassessment of the property would be $227,561.67.
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