1999 AGN APR 06 I16 - Laserfiche WebLink

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REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the City Council Meeting of April 6, 1999 TO: Honorable Mayor and City Council Members VIA: Henry Garcia, City Manage FROM: Robb Steel, Redevelopment Director SUBJECT: Consideration and Approval of Waiving Traffic Impact Fees in Excess of $25,000 for Spikes Restaurant DATE: March 24, 1999 Background: The Public Works Department has calculated the traffic impact fee for the Spikes Restaurant currently under construction at 1181 S. Mt. Vernon at $202,633.15. (Please refer to the Plan Check and Fees Status Memo attached hereto as Exhibit "A".) The City's current traffic fee schedule assesses fast food restaurants at a rate of $81,023.26 per 1,000 square feet of building area. (Please refer to the current traffic fee schedule attached hereto as Exhibit "B".) The Agency has an agreement (Restated Development and Disposition Agreement - 6/93) with Camden Development, developer ofthe three out -parcels fronting K -Mart, which states: " The Agency shall pay or cause the City to waive all Traffic Impact Fees in excess of the first Twenty -Five Thousand ($25, 000) against each of the three parcels." (Please refer to excerpt from Restated DDA attached hereto as Exhibit "C"). To encourage the development of Spikes, the Agency has already entered into a loan agreement with Spikes to cover the first $25,000 of the traffic fee due as a result of the project. Based upon the $202,633.15 fee, the Agency's remaining potential liability for the traffic fee for Spikes is $177,633. As per the Restated .DDA with Camden, it appears that the Agency has paid the traffic fees in excess of $25,000 on the other two out -parcels, e.g. Jack in the Box and Applebees. (Please refer to Agenda Report dated May 5, 1993 attached hereto as Exhibit "D"). However, please note that this agenda report also includes a "high estimate" for the probable traffic impact fees ,that would be assessed on the vacant Item # 16