6.1. PRSR 12-09-2015 - Laserfiche WebLink

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a significant reduction,the goal of evaluating our current dedication rate is to establish a rational connection between park dedication fees collected and the fair market value of the land. Commercial/Industrial Using our current park dedication fee schedule we collect 8%and 6%of the assessed value on commercial and industrial development respectively. Utilizing the proposed 10%calculation will increase,on average,the amount of park dedication for commercial and industrial developments. Planning and economic development staff does not believe the city should increase the amount of park dedication for developments that have less impact on our park system than residential development. Alternatives If the City Council is not comfortable with using the county appraised value, staffs recommended alternative is to have an appraisal study done to establish a fair market value (per acre) for four land classes. Staff recommends low-density residential,high-density residential,commercial,and industrial. There are different ways the fair market value can be used to establish the fee and if the Council desires to move m this direction staff will explore options. Regardless of the method used to calculate the park dedication fee,the city will likely experience a decrease in the amount of money collected. The goal of reviewing the fee is to ensure compliance with state statute and base the fee on the fair value of the property. Planned expansions to the parks system cannot be funded wholly by the park dedication fee,and alternative funding sources will need to be identified. Financial Impact Changes to the amount of park dedication collected. Attachments II Park Dedication Comparisons • Staff Report to City Council dated October 19,2015 i i ! N\Public Bodies\Agenda Packets\11 16-2015\Final\0.2 sr Park Dedication 11 16 2015.docr