8.2. SR 07-25-1994 - Laserfiche WebLink

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I ~\j ( )I !Ill ITEM 8.2 MEMORANDUM TO: MAYOR & CITY COUNCIL \ LORI JOHNSON, FINANCE DIRECTOR~ FROM: DATE: JULY 21,1994 SUBJECT: UPDATE ON SURFACE WATER MANAGEMENT FEE . At the July 11, 1994, Council meeting, the City Council discussed the storm water impact fee, the surface water management fee, and the resolutions and ordinance which must be adopted in order to implement the fees. The Council requested that additional information on the surface water management fees be presented at the July 25 Council meeting based on the rates approved by the City Council. CommerciallIndustrial Residential Multifamily Undeveloped Government $15/acre $2/unit $15/acre $.50/acre Yet to be determined The Council also requested that all property within the City limits be subject to the surface water management fee. Based on the decisions made by the City Council, the surface water management fee would generate approximately $258,000 per year. This includes reclassifying the government property to bill undeveloped and park land at the undeveloped rate and the remainder at the government rate of $3.50 per acre. Although this is less than is currently needed to fund the existing bond issue and a second $1 million bond issue, the impact fee should make up the difference. This does not allow for additional projects without increasing the fees or increased development revenue. The shaded areas on the attached spreadsheet indicate how much revenue each of the various classifications of property would generate based on the . rates discussed by the City Council. Adding the property north of County P.O. Box 490 . 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425