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02-22-22-WS
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02-22-22-WS
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<br />Page 12 of 14 <br /> <br />PARK DEDICATION <br />Based on Developer’s review and interpretation of City Zoning Code, Section 1130.08 Public Use Dedications <br />requires the following land/cash dedication is required for City parks: 20% of land or a Cash Contribution of <br />equating to the fair market value of the land that would have otherwise been dedicated. <br /> <br />The Developer is purchasing the subject property for $2,250,000. 20% of $2.25M is $450,000. As a result, <br />the Developer is anticipating providing the City a $450,000 Park Dedication Fee for this project. The <br />Developer is happy to share a copy of the in-place purchase agreement directly with City staff to verify the <br />purchase price. <br /> <br /> <br />INCENTIVES & PROPERTY TAXES <br />This project is not seeking any local government incentives. This project does not include any low-income <br />units. <br /> <br />The subject property is currently tax-exempt; and pays no annual property taxes. Upon completion of <br />construction, the new project/subject property will convert from tax-exempt to fully taxable; and will pay <br />between $300,000 and $400,000 in gross total annual property taxes. <br /> <br />In addition to property taxes, this project will generate an estimated $1,000,000+ of 1x development fees <br />(park dedication, water, sewer, stormwater, building permit); including an estimated $450,000 park <br />dedication fee. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />
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