12-14-15-R - Laserfiche WebLink

Home Browse Search

Memo To: Jill Hutmacher – Community Development Director From: Stacie Kvilvang Date: December 10, 2015 Subject: Park Dedication Fees On November 16, 2015, we met with the City Council to discuss the updated park dedication fee policy for the City, along with the anticipated park dedication fee schedule that would be approved for 2016. At the meeting we discussed that the original estimates of $7 million for park development/improvements within TCAAP may not be adequate to cover the real future costs of those parks and that the numbers should be increased to assure the City would collect adequate funds to pay for those costs. In addition, we discussed that the fee for the commercial development would not change (since it is set at 10% of over all land value), but that the per unit fee for residential would change. We discussed that staff would go back and update the park development/improvement numbers and review the new anticipated residential per unit fee in relation to competitiveness within the metropolitan market for growing communities. The park development/improvements costs have been updated from $7 million to $10 million (park land acquisition costs remained the same). Based upon this, following is the total anticipated park costs (land and improvements): Category # of Acres Cost Per Acre Total Cost Park Land - Hill 11.5 153,333$ 1,763,333$ Park Land - Creek 6.3 141,667$ 892,500$ Park Land - B (Community Park)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 AND COST 24 N/A 3,413,709$ Creek Park Improvements N/A N/A 1,000,000$ Hill Park Improvements N/A N/A 4,500,000$ B Park Improvements (Community Park) & Town NH Park N/A N/A 4,500,000$ A Park Imrovements N/A N/A -$ Financing Interest Costs N/A N/A 1,723,051$ TOTAL PARK IMPROVEMENT COSTS N/A N/A 11,723,051$ GRAND TOTAL PARK COSTS N/A N/A 15,136,760$ Park Land, Improvement & Financing Costs