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Item 8CAmending the Fee Schedule Resolution 16-026 1 Background Ordinance 483-F Park dedication fee in lieu of land dedication Annually acreage land value In order to provide for adequate land for parks, recreation and open space, City Council adopted ordinance 483-F establishing park and recreations dedication requirements which included a park land dedication fee in lieu of land dedication requirements. Per the ordinance the city shall annually establish an acreage land value cost to be used in calculating the fee. 2 Proposed fee Real Estate consultant Recent sales $250,000 per residential acre $6,250 per lot $400,000 per non-residential acre $8,000 per gross acre To assist with the land value analysis, staff hired a real estate consultant to validate the average value of unimproved parcels of land within the city for residential and non-residential property. The consultant used recent sales within the city limits to determine the sales price per square foot (cost) which was then converted to a cost for raw acreage. 3 Questions? 4