12-09-2002 Council Packet - Laserfiche WebLink

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HI «--4 Si ' u.- “ 1 •:fe J^U Cfexrr? P^^CiSAc Park Dedication City ’s Calculation Coinmcrcinl EstiinnIctI L4ind Pre-Dcv Fair Market Value: 9.9 Acres @ $6.00/S.f. »* 9.90 .X 43.560 .x $6.00 - $2,587,500 Estimated Commercial P.ark Fee ** 0.08 .x $2,587,500 = $207,000 Cheek $207,000 / 9.9 Acres ■ $20,910 Acre (over ma.xinuim) Maximum fee applied: 9.9 ^cres .x $13,875/acre ” $137,400 Kc.xi(lcnlinl E.stimatcd Ixmd Pre-Dev Fair Market Value: 4 1 .55 acres @ $3.50 / S.f. 4 1 .55 .X 43,560 x $3.50 = $6,335,000 EstimalctI Residculial Park Fee « 8% ,x $6,335,000 = $507,000 Check: $507,000 / 1 68 units = $3018/ unit ("ndcr minimum) Minimum fee applied » 168 x $3250/unit «■ $545,000 Total Dedication $683,400 Developer ’s Calculation Overall# Purch.ase Price of Land (fair market valuo); $5,859,209 Total Estimated Park Dedication; 8% of fair market value 0.C8 X $5,859,209 = .$468,737 Commercial Estimated Lind Pre-Dev Fair Market Value: '.39 Acres @ $3.95/S.f. 7.39 X 43,560 x $4.00 = $1,272,054 Estimated Commercial Park Fee » 0.08 x $1,272,054 » $101,764 Cheek $ 1 01 ,764 / 7.393 Acres » $ 1 3,764 Acre Residential Estimated Ijmd Pre-Dev Fair Market Value: Total minus Commercial $5,859,209 - $ 1 ,272,054 - $4,587,1 55 Estimated Residential Park Fee - 8% x $4,587,155 - $366,972 ;; $366,972 / 162 units = $2,265 Total Detlicatinn $468,737 Applying the City’s minimum park fee results in an 1 1.7% fee, wiiich is in excess of what may be considered a*asonable. TIic minimum and maximum park fee policy adopted by the City Council does not reflect the lower per unit land value of higher density / lower cost housing. Tliey aI.so do not take into account the minimal impact the target buyer of these townhomes will have on the City’s Park System. Nor docs the policy adequately address the private recreational facilities and public traits and walks that ^tl be constructed by tlie developer as part of the PUD. ■ iiii tiiwiirliiitaiini II I itij