Laserfiche WebLink
To: <br />From: <br />Date: <br />Mayor & Council <br />Mike Gaflfron, Planning Dir <br />Deceinber4 2002 <br />\7^-C0-Ol, <br />•V <br />Subject: Dahlstrom • StoneBay Development Fees <br />List of Attachments <br />A - Staff Fees Estimate - August 2002 <br />B - Applicant’s Fee Proposal <br />C - Park Dedication Fee Ordinance <br />D - Park Fee Analysis, December 2001 <br />Applicants have submitted a development fee proposal in response to staffs Fee Estimate provided <br />to the developer in August (Exhibits A & B). TTie essential di^erences between staffs estimates and <br />the developers request are noted below, followed by a staff recommendation regarding each fee. <br />I. Park Dedication Fee <br />City Estimate August 2002: <br />Commercial: • « <br />Estimated Land Pre-Dev Fair Market Vahe: 9.90 acres @ $6.00/s.f. ^9.90 x 43,560x $6.00 = $2,587,500 <br />Estimated Commercial Park Fee = 0.08x $2,587,500 = $207,000 <br />Check: $207,000 / 9.90 acres ■= $20,910/acrc (over required min-max range) <br />Maximun*. fee applied: 9.90 acres x $13,875/acrc «* $137,400 <br />Residential: <br />Estimated Land Pre-Dev Fair Market Vc.lue:4I.55acres@$3.50's.f. ^4I.55x43,560x$3.50 ^$6,335,000 <br />Estimated Residential Park Fee “ 0.08 x $6,335,000 ° $507,000 <br />Check: $ 507,000/168 units * $3,018/unit (below required min-max range) <br />Minimum Fee applied: 168 units x $3,250/unit = $S46,000 <br />City Estimate Revision December 2002 (based on purchase price per developer): <br />Commercial: <br />Land Fi -r Market Value : $1,272,054 (based on 7.393 acres @ $3.95/s.f Developer's valuation, <br />which includes just the area within the commercial outlets) <br />Commercial Park Fee = 0.08x $1,272,054 » $101,764 <br />Check: $i01,723 / 7.393 acres = $13,764 (within required Atin-max range) <br />Residential: <br />Land Purchase Pric.:per Developer: (Total purchase price - comm ’/ portion) * $4,587,155 <br />Residential Park Fee: 0.08 x 24,587,155 » $366,972 <br />Check: $366,972/162 units $2,265/unit (below required min-max range) <br />Minimum fee applied: 162 units x $3,250/unit» $526,500 <br />Developer Proposal November 2002: <br />Residential <br />Developer does not want to accept the minimum fee of $3,250/unit which results in a fee of 11.5%, but wants <br />to stay at the 8% level ($366,972). <br />Commercial <br />Developer is net questioning the revised staff estimate of $101,764 <br />i <br />r <br />MllBl