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11-18-24-SWS
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11-18-24-SWS
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12/12/2024 4:23:07 PM
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To aid in the work session discussion, our Financial Advisor with Ehlers, Stacie Kvilvang, has <br />updated the table below to show the estimated 2016 and current park dedication fees consistent <br />with the regulating plan for residential and commercial uses. <br />Initial Reconciled Current <br />Park Improvement Cost Estimate $ 18,994,925 $ 14,496,175 $14,496,175 <br />Current Park Dedication Fees $ 11,083,299 $ 11,083,299 $ <br />Residential Unit Fee Increase to $6500 $ 1,752,000 $12,740,000 1,960 units @ $6,500/unit <br />Commercial Fee Increase to 15% of Land Value $ 1,666,932 $ 4,927,288 Commercial land, including Thumb @ 151/8 of land value <br />Total Park Dedication Fees $ 11,083,299 $ 14,502,2311 $17,667,288 <br />Over/(Short) $ (7,911,626) $ 6,056 <br />The TRC amendments approved in January 2024 included rezoning of the 32 acres in the <br />southwest corner of the California parcel from Flex Office to Residential. At that time, the <br />Developer had indicated they would intend to develop and include park amenities in this <br />neighborhood. This will need to be included as part of future discussions with the Developer for <br />dedication of Open Space and desired park amenities. The Developer is working to get staff an <br />approximate acreage for open space planned in this neighborhood. A verbal update will be <br />provided at the work session. <br />The TRC allows minor adjustments to the location and area of the required Open Space as <br />identified on the TCAAP Regulating Plan to be reviewed by the JDA. Section 3.3, JDA <br />Development Review Process — Permitted Adjustments Table states "The area of any required <br />Open Space may be reduced by no more than 3%." The JDA required criteria "The location of <br />Open Space in the Hill and Creek Neighborhoods may be moved within those neighborhoods. <br />Shall include required amenities identified by the City's TCAAP Master Parks and Open Space <br />Plan." <br />0 0� <br />PARCEL <br />ACREAGE <br />A <br />014 <br />8 <br />5.8 <br />CREEK <br />5.9 <br />HILL <br />20-3 <br />TOWN CIENTER <br />1,9 <br />T TAL <br />24.3 <br />Page 2 of 3 <br />
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