Title
Consider/Discuss/Act on Authorizing a Facility Agreement to Defer Payment for Fees in Lieu of Parkland Dedication Until and As Development Occurs Rather Than Prior to the Time of Plat Recording for Fireside Village
Summary
COUNCIL GOAL: Direction for Strategic Growth
MEETING DATE: November 3, 2015
DEPARTMENT: Parks and Recreation Department
CONTACT: Rhoda Savage, Director of Parks and Recreation
Jenny Baker, Senior Park Planner
RECOMMENDED CITY COUNCIL ACTION:
• Authorization to execute a facility agreement for the payment of parkland fees in lieu of dedication on an installment basis as development occurs rather than prior to the time of plat recording for Fireside Village.
ITEM SUMMARY:
• This item would authorize the execution of a facility agreement to allow the payment of cash in lieu of dedicating parkland to be paid in a combined manner of one partial payment at plat filing and the balance paid in equal installments with each single family building permit for Fireside Village.
BACKGROUND INFORMATION:
• Fireside Village is a 48 lot single family development (deed restricted to 55+) located on the south side of White Avenue and east of Hardin Boulevard.
• With 48 lots, 0.96 acres of parkland dedication is required. The Subdivision Ordinance requires developers of residential projects to dedicate parkland at one acre for every 50 units.
• The applicant would be paying cash in lieu of dedicating parkland since it’s such a small amount of acreage due. The amount is due at the time of plat filing.
• The dedication fee is determined using CCAD (Collin Central Appraisal District’s) per acre valuation. When this plat was first submitted in 2013, the CCAD per acre amount was $34,168 per acre. The applicant is now ready to file the plat and using 2015 values, the land value has risen to $152,460 per acre.
• The cash in lieu of amount that is due is $146,362 (using 2015 values). The fee that was estimated in 2013 was $32,801 (using 2013 values).
• The applicant has secured funding for the original amount estimated of $32,801 and is requesting to pay this amount prior to plat filing, which is in accordance with the Subdivision Ordinance.
• Subsequent to payment and following recording of the plat the applicant is requesting to pay the remaining balance of $113,560 ($146,362 less the $32,801 initial payment) at the time a building permit is pulled for each lot, which fee in lieu of dedication would be $2,366 per permit.
• The applicant is not requesting a reduction of fees and by the time the development is built out, the full amount of cash in lieu of parkland will have been paid.
• This item is being submitted for City Council consideration due to the unprecedented, historical increase in property values that has recently occurred.
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A