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. A second amendment to the developer’s agreement was granted on December 5, 2011, providing for a two-year extension, which extended the prior rate determination through January 1, 2016, and the CMS trips through October 30, 2017.

On October 19, 2015, a third amendment to the Developer’s Agreement was granted due to the difficult economic climate and based on the owner’s continued commitment to construct the multi-­phased, mixed-­use project on the subject site, which extended the prior rate determination through January 1, 2018, and the CMS trips through October 30, 2019.

In response to the continued challenging economic conditions within the construction environment the owner has requested an additional two (2) year extension to this agreement. Understanding the Owner has made a substantial contribution to transportation infrastructure in the area, along with significant infrastructure improvements on the site to serve the project, and with a commitment to having initiated building permits for a substantial portion of the project by January 1, 2018, the City shall extend the expiration for the prior rate determination for a period of twenty-four (24) months, until January 1, 2020.