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Jill Hutmacher Park Dedication Fees November 12, 2015 Page 2 Under the second fee (park development), the residential fee is fixed and proposed to be a minimum of $2,900 per unit (updated annually based upon actual costs for park development) and the commercial/industrial developments are required to pay 5% of the fair market value of the land. The amount of land required for parks is 24 acres as noted in the table below and the overall cost of financing the estimated $7 million in improvements is approximately $8.2 million ($1.2 million in interest costs). To determine the cost of land acquisition we utilized the estimated land sale proceeds to determine the average acreage cost of the land, dependent upon where the land was located (i.e the cost of land based upon the t ype of housing or commercial development located adjacent to the proposed parks): Category # of Acres Cost Per Acre Total Cost Park Land - Hill 11.5 153,333$ 1,763,333$ Park Land - Creek 6.3 141,667$ 892,500$ Park Land - B 3.4 100,000$ 340,000$ Park Land - A 0.4 158,189$ 63,276$ Park Land - Town NH 2.4 147,750$ 354,600$ TOTAL ACRES 24 N/A 3,413,709$ Improvements & Financing Costs N/A N/A 8,206,135$ TOTAL COST N/A N/A 11,619,845$ Park Land, Improvement & Financing Costs As noted, the overall development of the parks (land acquisition and improvements) is approximately $11.6 million. It should be noted that these are estimates at this time and will need to be reviewed and revised as development actually moves forward. Based upon the unit count and acres required for park land, we analyzed the fee structure based upon the following three scenarios: 1. All land is donated and all development pays a park development fee 2. Residential land is donated, commercial pays a land dedication fee and both pay a park development fee; and 3. No land is donated and all development pays BOTH required fees