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RESOLUTION NO. 4915 <br /> �' EXHIBIT B -Development Fees Schedule <br /> • <br /> Commencement of Phase One improvements shall not occur until Developer has made payment to <br /> the City of the prorated portion of the Development Fees (Park Dedication Fee, Storm Water and <br /> Drainage Trunk Fee, and Sewer and Water Connection Charges) for Phase One. Commencement <br /> of Future Phase improvements shall not occur until Developer has made payment to the City of the <br /> prorated portion of the Development Fees associated with said Future Phase. The Development Fees <br /> for each Phase shall be based on the proportional acreage or number of units within each Phase <br /> depending on the method of calculation of each fee,relative to the total project, as defined below. <br /> I. Park Dedication Fee � <br /> Fee Calculation Based on Ordinance <br /> A. Commercial Outlots. The park fee for each of the commercial outlots(Outlots A and D) shall <br /> - be due upon City Council approval of a development proposal for each lot and shall be paid prior <br /> to issuance of pernuts for construction within each Outlot. <br /> The amount of the park fee for the commercial outlots by City ordinance is 8% of the Land Fair . <br /> Market Value prior to development. The combined Land Fair Market Value for the commercial <br /> • outlots is established at$1,272,054 based on the combined area within the Outlots of 7.393 acres @ <br /> $3.95/s.f established value per square foot. � <br /> • Fair Market Value = 7.393 acres x 43,560 sf/acre x$3.95/sf=$1,272,054 . � <br /> 8°/a Park Fee=0.08 x$1,272,054=$101,764 <br /> Min/max range check(must be between$8,125/ac and$13,875/ac): � <br /> �$101,764/7.393 acres=$13,764/ac. ✓ <br /> B. Residential. The residential park fee is based on the value of the land being developed <br /> residentially. The park fee for the residential portion of the development by City ordinance is 8% <br /> of the Land Fair Market Value prior to development.The established value of the land is based on <br /> the developers purchase price of the residential portion of the property which is$4,587,155. <br /> 8%Park Fee=0.08 x$4,587,155 =$366,972 <br /> Min/max range check: (must be between$3,250/unit and$5,550/unit) <br /> $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 /> Phasin� <br /> A. Residential. Proration of Fee Payments: The number of dwelling units within each Phase <br /> divided by the total number of units within all Phases shall determine the fraction of of the <br /> total fee due. <br /> B. Commercial. Proration: If Outlots A and D are not developed at the same time,the acreage of the <br /> outlot being developed divided by the total acreage of both outlots shall deternune the fraction of <br /> � the total fee due. <br /> Page 1 of 4 <br />