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02-21-23-WS
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02-21-23-WS
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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 />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 Pee 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 />INCENTIVES & PROPERTY TAXES <br />This project is not seeking any local government incentives. This project does not include any low-income <br />units. <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 is <br />anticipated to pay between $300,000 and $400,000 in gross total annual property taxes. <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 />NORTH HEIGHTS CHURCH CAMPUS IMPROVEMENTS <br />This senior living apartment project includes improvements located offsite—not within the primary subject <br />apartment property. Offsite improvements will be located on the existing/remaining North Heights Lutheran <br />Church campus. improvements generally include: <br />• Re -seal and re -stripe existing church parking lot. <br />Expansion of church parking lot in three areas: <br />o (Area 1) approximately 72 stalls directly northeast of the existing church building <br />o (Area 2) approximately 15 stalls directly east of the existing church building <br />o (Area 3) approximately 56 stalls directly south of the existing church building. <br />o The net result for North Heights Lutheran Church is to maintain its existing total surface <br />parking stall count, prior to this apartment project —as the apartment building requires <br />taking of land currently utilized by the church for parking. <br />• The above -mentioned parking lot expansions will require the creation of a new storm water cell <br />located directly south of the church building. Additionally, other existing stormwater cells located on <br />church property may need to be slightly expanded to account for new nearby church parking stalls. <br />NEIGHBORHOOD MEETING <br />As requested by City Staff, the Developer conducted a public neighborhood input meeting on 7/29/2021. At <br />the time, the developer was proposing a standard market apartment building (not senior, not age restricted). <br />As a result of said meeting, the Developer made the following adjustments to the proposed project: <br />1. Adjusted the proposed use from standard market apartments to age -restricted senior apartments. <br />Most residents will be 65+ (and will be retired). The Developer anticipates this will result in: <br />Page 9 of 10 <br />
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