WS Item 5Parks and Recreation Dedication Fund Fee Assessment
Steve Polasek
Park Dedication
Adjust Park Dedication Fee land values from $60,000 per acre to $120,000 per acre
Provide option for developer incentive to construct amenities
Park Dedication
Fee Establishment for 2008:
Subdivision Ordinance, Article 7
City Council annually establishes acreage land value cost
Used in calculating park fees
Based on study and investigation
Park Dedication
Continued…
May be performed by an independent registered land appraisal firm
average fair market value, as opposed to taxable value
Figure shall be the acreage cost under which all park fees are calculated
Park Dedication
Current fee established at $60,000 per acre
Staff reviewed 12 land sales occurring since November 2004
Ten Southlake, Two Keller
Information provided by certified land appraisers
Residential (no structural value)
Based on purchase price
Park Dedication
Unadjusted Adjusted*
Cost per acre $111,656 $124,695
Totals $107,108 $120,066
(excluding high/low properties)
Proposed Park Dedication Fund
fee per acre = $120,000
(* 10% annual market value increase adjustment)
Park Dedication
Park Dedication Fee Timeline:
August 23, 2007 (Developer Workshop)
September 10, 2007 (Parks Board)
September 18, 2007 (City Council)
Revised fee schedule
October 1, 2007 (Effective Date)
Park Dedication
Developer Workshop:
Developer comments and concerns
City commitment to meet with members of the development community
Developer’s meetings held:
Oct. 4th
Oct. 18th
Nov. 15th
Dec. 6th
Park Dedication
Concerns:
Development costs increases
Lack of available land
Need for additional park land reduced
Density
Non-consideration of landscape buffers / streetscapes / PUD open space
Park Dedication
Discussion items included:
Proposal to seek credits for landscape buffer / streetscape / PUD open space
Council consideration to increase density levels
Reimbursements / credits for additional expenses beyond requirements
Incentives for development of amenities
Park Dedication
Proposed
Developer option to improve existing facilities
Compatibility with Park Master Plan or Capital Improvement Plan
20% Park Dedication Fee Reduction
Meet w/ staff to review available projects
Value based on market costs
Incentive for developer to address existing needs
Potential for economies of scale
More immediate impact
Administrative advantageous
Outlined in Developers Agreement
Park Dedication
Next Steps:
Develop Ordinance revisions
Present to Parks Board in March
City Council consideration March/April
May implementation
Questions?
Steve Polasek
ext. 7018