CCP 02-17-1994 - Laserfiche WebLink

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PROPERTY VALUE - The map on page 13 shows the total value (land and buildings on each parcel) per square foot of building. 1. The highest valued properties are those with small, high valued buildings and low floor area ratios. 2. Other high valued properties (over $30) are newer buildings with moderate F.A.R.s. 3. Low valued properties are those with low (per square foot) valued buildings (warehouses) or those without buildings. The property value map shows the total value (building and land) per square foot of land. 1. Values range from $1.16 to $2.00 per square foot for vacant parcels, to $23.41 for the Northwoods office building. 2. $11,360,000 in land value. 3. $46,800,300 in building value. 4. $58,160,000 in total value. ~i 5. The f1 oor area ratio (F.A.R.) (building area related to land area and, usually, parking requirements) significantly affects the ; square foot value; e.g.: - Parcel s 10, 14 and 38 have low F.A.R.s and high building values per square foot but require a lot of parking. - Parcels 24, 30, 31, 42 and 44 have high F.A.R.s but modest building value per square foot. - Parcels containing large warehouse buildings have high F.A.R.s and low building value per square foot. - Parcels 39 and 43 have high building values and low F.A.R.s. IMPACT: The average value per square foot of land is about $8.50, compared with an average of over $14.00 on the recent developments by Opus, Everest and Woodbridge. The City has an interest in maintaining property values both from the standpoint of tax revenue and protection of the invest- ments of the higher valued developments. A stated Community Goal in the Comprehensive Plan is: "The development of a sound and broad tax base... to provide revenue for adequate public facilities and services . without creating undue burdens on individual property owners." -14-