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<br />
<br />
<br />Jill Hutmacher
<br />Park Dedication Fees
<br />November 12, 2015
<br />Page 4
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<br />Finally, under Scenario 3, if we assume that the City is required to buy the park land, then
<br />they have discretion to charge BOTH fees to all development , which will generate sufficient
<br />funds to acquire the land and pay for the improvements.
<br />
<br />Area Per Land Value Value Per Acre Value Per Sq/Ft Total Land Value
<br />Total Land
<br />Dedication
<br />Fee
<br /># Of Units Per Unit Fee
<br />Total Park
<br />Development
<br />Fee
<br />TOTAL PARK
<br />DEDICATION
<br />FEES
<br />Total Acres
<br />Dedicated
<br />NB1 10%135,000$ 3.10$ 1,552,500$ 155,250$ 29 83,375$ 238,625$ 0.00
<br />NB2 15%140,000$ 3.21$ 7,462,000$ 1,119,300$ 213 618,280$ 1,737,580$ 0.00
<br />NB3 15%150,000$ 3.44$ 5,370,000$ 805,500$ 242 700,785$ 1,506,285$ 0.00
<br />NB4 15%170,000$ 3.90$ 2,737,000$ 410,550$ 129 373,520$ 784,070$ 0.00
<br />NT 20%195,500$ 4.49$ 4,809,300$ 961,860$ 369 1,070,100$ 2,031,960$ 0.00
<br />TC 20%265,000$ 6.08$ 2,650,000$ 530,000$ 450 1,305,000$ 1,835,000$ 0.00
<br />TOTAL N/A N/A N/A 24,580,800$ 3,982,460$ 1,431 2,900$ 4,151,060$ 8,133,520$ 0.00
<br />Area Per Land Value Value Per Acre Value Per Sq/Ft Total Land Value
<br />Total Land
<br />Dedication
<br />Fee
<br />Total Land Value Fee as % of
<br />Land Value
<br />Total Park
<br />Development
<br />Fee
<br />TOTAL PARK
<br />DEDICATION
<br />FEES
<br />Total Acres
<br />Dedicated
<br />Office 5%274,568$ 6.30$ 17,929,296$ 896,465$ 17,929,296$ 896,465$ 1,792,930$ $0.00
<br />Retail 5%100,000$ 7.00$ 8,934,156$ 446,708$ 8,934,156$ 446,708$ 893,416$ $0.00
<br />Flex 5%100,000$ 4.50$ 14,348,664$ 717,433$ 14,348,664$ 717,433$ 1,434,866$ $0.00
<br />TOTAL 5%N/A N/A 41,212,116$ 2,060,606$ 41,212,116$ 5%2,060,606$ 4,121,212$ $0.00
<br />GRAND TOTAL 65,792,916$ 6,043,066$ 6,211,666$ 12,254,732$ 0.00
<br />2,900$
<br />5%
<br />Scenario 3
<br />County or Developer DOES NOT Provide Land and Development Pays Land Dedication Fee and Park Development Fee
<br />Land Dedication Fee Park Development Fee
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<br />In summary, the City has the ability to preclude scenario 1 from happening due to how the
<br />ordinance is written in that the City, at its discretion, can require a land dedication fee in
<br />lieu of land dedication. Since the majority of the park land is located in and adjacent to the
<br />residential areas, this provides reason for the City to elect to use its discretion. Scenario 2
<br />or 3 would both allow the City to capture the required fees needed to acquire and develop
<br />park land as noted in the table below.
<br />
<br />Scenario
<br />1
<br />Land Dedicated &
<br />Park Development
<br />Fee Paid
<br />2
<br />Land Dedicated &
<br />Park Development
<br />Fee Paid
<br />3
<br />City Buys the Land So
<br />Both Fees Imposed
<br />Park Dedication Fees 8,206,135$ 8,272,272$ 12,254,732$
<br />Land Acquisition -$ 0 (3,413,709)$
<br />Park Improvements (8,206,135)$ (8,206,135)$ (8,206,135)$
<br />Over/(Under)-$ 66,136$ 634,887$
<br />Per Unit Residential Fee 4,293$ 2,900$ 2,900$
<br />Again, it should be noted that the cost of the park development and fees to be imposed are
<br />estimates at this time. They need to be continually refined and updated as time progresses,
<br />more firm costs for park development are received and actual land values are established.
<br />
<br />Please contact me at 651-697-8506 with any questions.
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