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Staff is recommending a credit against the JDEDZ Fee to property owners equal to the <br /> value of the ROW contributed. In addition, there is $440,000 that has been expended by <br /> Nearon to cover CEQA and preliminary transportation designs that is included in the <br /> total project cost and therefore the $8.4 million allocation to future development. Staff is <br /> also recommending extending a credit for previous JDEDZ work completed, including <br /> the CEQA and preliminary transportation design work. <br /> January 16, 2018 City Council Meeting and Property Owner Follow-up <br /> Staff presented this JDEDZ fee proposal at the January 16, 2018 City Council meeting. <br /> During that presentation, staff committed to meeting with property owners in the JDEDZ <br /> to solicit feedback on the fee proposal. <br /> Staff met with JDEDZ property owners on February 7, 2018. JDEDZ property owners' <br /> feedback included a request to have a fee for office uses. Office is a conditional use in <br /> the JDEDZ. To address that request, staff are proposing to establish a fee for office <br /> uses equal to 47.6 percent of the retail fee or$13.46 per square foot. This methodology <br /> is consistent with the City's Transportation Impact Fee (TIF) methodology. In addition, <br /> some of the property owners asked whether the City would consider a tax sharing <br /> agreement for tax revenues in excess of current projections as a means to cover a <br /> portion of the fee. The JDEDZ property owners thought it would be consistent with the <br /> arrangement the City has with Costco. Staff is not recommending future tax sharing <br /> agreements since the City's arrangement with Costco is to share sales tax proceeds as <br /> a means to cover future development's portion of the JDEDZ transportation <br /> improvements, not to cover Costco's portion of transportation improvements. <br /> CONCLUSION <br /> If Council approves these items, there will be a second reading of the ordinance on May <br /> 1, 2018. If adopted, the fee will go into effect 60 days thereafter. <br /> Jointly bmitted by: Approved by: <br /> I /1/6V <br /> Tina Olson erry Beaudin Nelson Fialho <br /> Director of Finance Director of City Manager <br /> Community Development <br /> Attachments: <br /> 1. Ordinance <br /> 2. Resolution <br /> Page 5 of 5 <br />