2011-11-01_PR_Packet - Laserfiche WebLink

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After a public hearing session at the October 24th City Council meeting, the Council approved moving forward with the issuance of bonds in the total amount of$10M with the suggested allocation by City Administration of$8M for the fire Station and $2M for Park Improvements. The allocation is not final and is still being discussed. Following is the timeline for the remaining bond sale amounts: • April/May 2012 $10M • December 2012/January 2013 - $7M There will be a public hearing prior to each issuance. Included in your packet are notes from the September 29, 2011 Citizen Organizing Team meeting. Requested Action: Discuss progress on the implementation process and provide continued guidance 8. Park Dedication Rates Discussion The Commissions role is to review and recommend park dedication rates. The last increase for residential rates was in 2007 when the rates were increased from $2,000 to $3,000 per unit. Land in lieu of cash dedication remained at 10%. Based upon the survey of other communities while considering the overall parks and recreation system needs such as the Capital Improvement Plan (CIP) and the Master Plan Implementation, it may be appropriate to recommend an increase in the per unit dedication at this time. It appears like that the 10% land dedication may be appropriate. The Commercial/Industrial Park Dedication has remained at 5% of FMV for several years. Translating the % into dollars using the recent Meritex development as an example converts into approximately $15,000 per acre ($91,000/6 acres = $15,166). Based upon the survey results, system needs, CIP and the outlined Master Plan, it may be appropriate to recommend the Commercial dedication remain at 5%. This item is included on your agenda to discuss the current rate and to consider a recommendation. Enclosed is a survey of rates in surrounding metropolitan communities. Requested Action: Discuss the Park Dedication fee and consider a recommendation 9. Directors Report 10.Other 11.Adjournment