Title
Transportation Department recommending Chairman be authorized to sign the Annexation Agreement AGMT 06-1070 with Granite Grado Ventures - Project 1, LLC to provide for the future annexation of the Golden Center Drive Plaza development into the Missouri Flat Area Community Facilities District No. 2002-01.
RECOMMENDED ACTION: Approve.
Body
BUDGET SUMMARY:
Total Estimated Cost $0
Funding
Budgeted $0
New Funding $
Savings $
Other $
Total Funding Available $0
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost:
Execution and recording of this Agreement will provide additional CFD bond financing capacity and security to supplement the funding, if required, for Phase 1 Missouri Flat Master Circulation and Funding Plan (MC&FP) projects. Based on approximately 18,900 square feet of new retail space in the project, and a taxable sales target of $160 per square foot, it is anticipated this development would generate approximately $25,700 annually toward the CFD. This would finance approximately $250,000 in a 20-year bond. There is no cost to the County's General Fund.
Background:
The Missouri Flat Master Circulation and Funding Plan was adopted by the Board of Supervisors on December 15, 1998 and updated in December 2000. The MC&FP was developed to provide a policy and action framework for El Dorado County to fund major improvements to the Highway 50/Missouri Flat Road Interchange and adjacent arterial and collector roads. Under the MC&FP, which was developed in a cooperative effort with major property owners and developers, funds for the roadway improvements would come from a combination of Traffic Impact Mitigation (TIM) Fees and the sales and property taxes generated from new development within the MC&FP area. The TIM Fees would cover the development’s share of the project costs, and the new tax revenues would pay the cost of the roadway projects associat...
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