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