Summary:
On October 30, 2006, the City of Orlando entered into a developer’s agreement regarding concurrency with Douglas Development Services Inc (DDS, Inc.), for a project consisting of a mix of residential, office, and retail uses. The proportionate fair share component of the agreement required DDS, Inc. to fund their pro rata share of the future Grand National Drive flyover of Interstate-4 in the amount of $1,907,905. In exchange for the payment, DDS, Inc. received concurrency in the amount of 20,517 Concurrency Management System (CMS) trips through October 30, 2012, and a transportation impact fee prior rate determination through January 1, 2011. The Original Agreement was amended on October 21, 2009, to provide for a three-year extension, to the concurrency vesting and prior rate determination periods. The First Amendment to the Developer’s Agreement extended the prior rate determination through January 1, 2014, and the CMS trips through October 30, 2015.
On December 5, 2011, a second amendment to the developer’s agreement was granted, providing for a two-year extension, under the provisions established in Section 79 of HB7207. The Second Amendment to the Developer’s Agreement extended the prior rate determination through January 1, 2016, and the CMS trips through October 30, 2017.
Due to the difficult economic climate and based on the owner’s continued commitment to construction of the multi-phased, mixed-use project, DDS, Inc. is requesting a third extension to the Developer’s Agreement, under Section 46 of HB7023, which provides for an additional two-year extension to the scheduled expiration date of a development order or agreement. The proposed Third Amendment to the Developer’s Agreement extends the prior rate determination through January 1, 2018, and the CMS trips through October 30, 2019. |