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2008-0095

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									                         LEGISLATIVE FACT SHEET
DATE: _1-10-08________                         BT OR RC NUMBER: 2008-0095
                                               (Administration Bills)

SPONSOR        (Department/Division/Agency/Council Member): __JEDC____________

PURPOSE/SUMMARY: JEDC staff proposes to enter into a 1st Amendment to the Redevelopment
Agreement and associated Allocation of Development Rights Agreement between the City and
SSMG/SSGP, executed on December 7, 2005 (Effective Date) whereby the Developer proposed to construct
300 residential units and 50,000 square feet of retail at the Aetna parcel located at 841 Prudential Drive. The
Developer agreed to construct a riverwalk fronting the Site and to provide public access from Prudential
Drive to the riverwalk by constructing a sidewalk, and to provide public access easements to the City for the
riverwalk and sidewalk, all of which are termed the “Public Improvements.”

In exchange for the Developers commitment to construct the Public Improvements, the Developer has been
granted Downtown Development of Regional Impact (DRI) development rights amounting to 300 residential
units and 50,000 square feet of retail needed to develop the project in accordance with the Redevelopment
Agreement, which have been allocated to the project through the Allocation of Development Rights
Agreement (an exhibit of the Redevelopment Agreement). A condition of the Redevelopment Agreement is
for the Developer to provide the City with a Performance Bond prior to the construction of the Public
improvements upon the first to occur: (i) obtaining a construction permit for the Public Improvements, or (ii)
twenty months (20) after the effective date of the Allocation of Development Rights Agreement. An
additional condition is for the Developer to obtain a building permit for vertical construction of at least 200
residential units within Twenty-Four (24) months after the effective date. Both condition performance dates
have elapsed.

The Developer has indicated that market conditions do not allow for the successful development of
residential units in the downtown area until market conditions improve and the Developer cannot construct
the Public Improvements until the residential project is feasible and under construction. However, the
Developer feels market conditions will improve in the next two to three years and would like to retain their
DRI Development Rights to complete their project.

Therefore, the Developer has proposed a First Amendment to the Redevelopment Agreement that (i)
extends the date for submittal of the Performance Bond on the Public Improvements to December 7, 2009
(two years) and (ii) extends the date to obtain a building permit for vertical construction of at least 200
residential units to December 7, 2009 (two years), both of which, will have a time extension option of one
(1) additional year, which may be approved by the JEDC Executive Director, upon submittal of satisfactory
evidence by the Developer to the JEDC Executive Director, that market conditions are not conducive to
residential development and that one additional year is needed to allow sufficient time for the project to
become feasible for construction.



APPROPRIATION :                  Total Amount Appropriated: $ ___n/a_________________ as follows:
(Name of Fund as it will appear in title of legislation) ____________________________________

Name of Federal Funding Source:__________________________ Amount: $_______________



                                                 Page 1 of 3
Name of State Funding Source: ____________________________ Amount: $______________
Name of City of Jax Funding Source: _______________________ Amount: $_______________
Name of In-Kind Contribution Source: ______________________ Amount: $_______________

Name of Bond Acct _____________________________________ Amount: $_______________

           Number _____________________________________


IMPACT - FINANCIAL/OTHER:

ACTION ITEMS:

      Emergency?                         Yes____ No X  Justification:__________________
      ____________________________________________________________________________
      Federal or State Mandates          Yes ___ No X
      Fiscal Year Carryover?             Yes ___ No X    __________________________
      CIP Amendment?                     Yes ___ No X    (Attach CIP form)
      Contract/Agreement (C/A) Approval Yes _X No __     (Attach a copy only)
      C/A negotiations on-going?         Yes ___ No X
      Oversight Department Required?     Yes _X_ No __   Name of Dept. JEDC_________
      Related RC?/BT?                    Yes ___ No X    (Attach a copy)
      Waiver of Code?                    Yes ___ No X    (Identify Code Provision ________)
      Code Exception?                    Yes ___ No X    (Identify Code Provision ________)
      Continuation Grant?                Yes ___ No X
      Surplus Property Certification?    Yes ___ No X    (Attach a copy)
      Related Enacted Ordinances?        Yes _X_ No _    Ord. # of Previous Ord. 2005-788-E
      Report Required to City Council/Council Auditors
                                         Yes ___ No X     Date _______ Frequency ________

                                ADMINISTRATION TRANSMITTAL

To:   MBRC, c/o Roselyn Chall, Budget Division, Suite 325
CC:   Adam Hollingsworth, Chief of Policy
      Mayor's Office, Fourth Floor, City Hall at St. James
From: _Steve Emery, Chief, JEDC____________________________
      (Name, Job Title, Department)

      Phone: ____630-1618________          Fax: 630-2919     E-mail: SEmery@coj.net
Contact person: _Eric Lindstrom, Manager, JEDC_____________________________________
                     (Name, Job Title, Department)
       Phone: _630-7114____________              Fax: _630-2919__ E-mail: ericl@coj.net

____________________________________________________________________________________



                                             Page 2 of 3
      COUNCIL MEMBER / INDEPENDENT AGENCY / CONSTITUTIONAL
                     OFFICER TRANSMITTAL
To:    Steve Rohan (630-1672) or Peggy Sidman (630-4647), Office of General Counsel
       Suite 480, City Hall at St. James
From: ___.________________________________
       (Name, Job Title, Department)

       Phone: ____________________           Fax: __________________ E-mail: ________________

Contact person: ______________________________________
                    (Name, Job Title, Department)
       Phone: ____________________              Fax: __________________ E-mail: ________________

Legislation from Independent Agencies requires a resolution from the Independent Agency Board
approving the legislation.



      FACT SHEET IS REQUIRED BEFORE LEGISLATION IS INTRODUCED



G:\SHARED\LEGIS.CC\Sidman\Miscellaneous\Fact Sheet form 10 23   06.doc




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