11-25-2002 Council Packet - Laserfiche WebLink

Home Browse Search

B?:’.- v. -m Park Dedication City’s Calculation Developer’s Calculation Commercial Esdinalcii l.aiul Pre-Dev Fair Market Value: 9.9 Acres (ai $6.00/S.r = 9.9(J 4.1.f.60 .\ $6.00 - $2,587,500 Estimateil Commercial Park Fee = 0.08 .\ $2,587,500 = $207,000 Check $207,000 / 9.9 Acres = $20,910 Acre (over ma.ximiim) Maximum lee applied: 9.9 acres x $l.l.875/acre = $137,409 Kc.Hidential Estimated l.aiul Pre-Dev Fair Market Value: 41.55 acres @ $3.50 / S f. 41.55 X 43.560 x $3.50 = $6,335,000 Estimated Kesidcutial Park Fee = 8% x $6,335,000 = $507,000 Check: $507,000 /168 units = $3018 / unit (under minimum) Minimum lee applied = 168 x $3250/unit $546,(MM) Total Dedication $683,400 Overall Purcliase Price of Land (fair market value); $5,859,209 Total Estimated Park Dedication; 8% of fair market value 0.08 X $5,859,209 = $468,737 Commercial Estimated 1-and Pre-Dev Fair Market Value: 7.39 Acres @ $3.95/S.f. = 7.39 X 43.560 x $4.00 - $1,272,054 Est.matcd Commercial I’ark Fee = 0.08 x $1,272,054 = $101,764 Check $101,764 / 7.393 Acres = $13,764 Acre Residential 4 Estimated Land Pre-Dev Fair Market Value: Total minus Commercial $5,859,209 - $1,272,054 = $4,587,155 Estimated Residential Park Fee = 8% x $4,587,155 = $366,972 $366,972/162 units = $2,265 Total Dedication $468,737 Applying the City’s minimum park fee results in an 11.7% fee. which is in excess of what may be considered rea.son.able. The minimum and maximum park fee policy adopted by the City Council dcKS not reflect the lower per unit land value of higher densit)’ / lower cost housing. 1'hey also do not take into .account the minimal iaipact the target buyer of these townhomes will have on the City's Park System. Nor does the policy adequately address the private recreational facilities and public trails and walks that will be constructed by the developer as part of the PUD. fOr>%o c?