Jun. 14—Fairfield City Council will consider an agreement that will see a private real estate firm develop a nearly nine-acre property into a parking lot for FedEx Ground and the city receive nearly $40,000 a year.
iVisionary owns an 8.7-acre lot behind its main property, an 11-acre parcel at 4325 Muhlhauser Road. The proposed plan is to allow the company to develop the undeveloped land into an accessory parking lot for an adjacent FedEx Ground facility.
iVisionary owns and develops real estate. That property is adjacent to an 11-acre site owned by the company that has two industrial flex buildings.
The firm wants to pave that undeveloped site into a parking area with no new structures. However, Fairfield's zoning ordinance requires that parking be an accessory use to the primary use of a property.
"This requirement helps to ensure that each property generates a productive revenue source to support city services to the property," according to a staff report by Fairfield Economic Development Manager Nathaniel Kaelin.
iVisionary, which is based in Lexington, Kentucky, is proposing a development agreement that would permit the construction of the paved parking area as an accessory use to the FedEx Ground facility, which is in West Chester Twp. The agreement establishes an impact fee to be collected annually by the city for 10 years while FedEx Ground operates on the adjacent property.
The undeveloped site is in a difficult position to develop, according to the city staff report.
Kaelin said in the report it's "extremely limited due to the topography, visibility, and access to the property." He said iVisionary approached the city with the plan.
The impact fee will be $38,678 a year to begin a year after the project is completed, according to the development agreement.
According to its website, iVisionary was founded in 2000 and is "engaged in various industries through strategic investments or owned and operated business units specializing in very focused industries."