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#2209 - Spring Hill Golf Club <br />May 8,1997 <br />Page 9 <br />APPENDIX A:IMPACT OF FOREGOING ALTERNATIVE SITE USES <br />(This information was included in the April 18/21 staff memo) <br />The alternative permitted uses for the site include continuation as a conference center; redevelopment into single-family <br />housing on 2-acre lots; and use for public parks and playgrounds or municipal buildings. A number of potential <br />conditional uses are allowed in the RR-IB/RR-IB-I districts. The potential financial impact on the City due to <br />development of this property as a golf course rather than for single family housing is defined below in terms of foregone <br />potential ta.x revenues and park fees. <br />A. Potential Residential Development Analysis <br />The potential number of 2-acre residential lots possible in Orono within the property is approximated as follows: <br />Gross Orono Acreage 147 ac. <br />Less Orono Wetlands 10 ac. <br />Net Developable Acreage 137 ac. <br />Average Lot Size in 2 ac. zone incl. interior roads = 2.5 ac. <br />Number of Lots Possible = 137 / 2.5 = 55 lots <br />B. Tax Base Implications <br />Annual Taxes on 55 homes of average valuation of $600,000 each = 55 x $13,500 = $742,500 <br />City Portion of Same = 0.11 x $742,500 = S 81,675 <br />Annual Taxes on Golf Course: Example: Woodhill CC • 120 acres in Orono <br />Taxable Market Value: Land $ 835,200 Bldgs $ 189,900 Total $ 1,025,100 <br />Taxes $ 59,300 City Portion $6,500 <br />Example: Wayzata CC -150 acres in Orono <br />Taxable Market Value: Land $ 1,255,100 Bldgs $1,326,000 Total $2,581,100 <br />Ta.xes$ 144,600 City Portion $15,900 <br />C. Park Fee Implications (No park fee is charged because this is not a subdivision) <br />1997 Tax Book Land Valuation of Orono Parcels: $ 1,620,000 <br />Total Acreage in Orono: 147 ac. <br />Valuation per Acre: S 11,000/ac. <br />Applicants Stated Property Costs (incl bldgs) <br />Per acre costs ($5,500,000/195 ac.) <br />Cost of Land if Intended for SFR is higher, say <br />Cost per Acre for Housing ($6,000,000/195) <br />8% Orono Park Fee based on Sale Price <br />(147 ac. X $30,800 x .08) <br />Park Fee Per Acre ($362,000/147) <br />$ 5,500,000 <br />$ 28,200/ac. <br />$ 6,000,000 <br />$ 30,800/ac. <br />$ 362,000 <br />2,460/ac. <br />Park Fee Per Lot = $362,000/55 = $6,600. (This is not out of line with park fees <br />charged in other subdivisions in Orono since 1990.)