Title
Supervisor Knight recommending the Board approve a Traffic Impact Fee Deferral in line with Board of Supervisors Policy B-3 for Montano De El Dorado; and direct County Counsel and the Department of Transportation to work with El Dorado Hills Pavilion Venture, LLC to prepare the agreement and documents for recordation.
Body
On behalf of EDH Pavilion Venture, LLC, owners of Montano, I am requesting a deferral of TIM fees per county Policy B-3. By granting the deferral of these fees, it will ensure this project goes forward.
The request relates to approximately 12,000 square feet of retail space the Pottery World will occupy. The owners expect that by securing this tenant the following will occur:
· Create 10 to 12 new jobs
· Cost of the tenant improvement work will be approximately $1,250,000 and have a supplemental increase in property tax revenue the first year of $13,000
· Gross sales for the first year are estimated between $3 and $4 million with a store projection of $15 to $20 million in 5 years
· To date the owners have paid approximately $175,000 in TIM fees
· The owners have already paid $8,000 in TIM fees for this space, warehouse only, and are requesting a deferral on the remaining $110,000
The deferral that I am recommending is as follows:
· Note signed by the owner, EDH Pavilion Venture, LLC and personally signed by two of the partners, secured by a second Trust Deed
· The note will be fully amortized over18 months at a fixed rate of 3%
· Owners shall pay 20% of the fee due with the remainder deferred into the note
· Owners will pay all fees for document drawing, escrow and recording fees
The owners are now completing the most important, stabilizing tenant at Montano. Pottery World is the anchor that all other tenants draw from to survive. Synergy is a key component to the survival of all. Pottery World accounts for nearly 1/3 of Montano’s retail space and is an attraction for more tenants in El Dorado Hills, and more business spendin...
Click here for full text