Title
Consider/Discuss/Act on Authorizing Facilities Agreements to Reduce Parkland Fees for the McKinney Seven Stacy Tract
Summary
MEETING DATE: October 1, 2013
DEPARTMENT: Development Services
CONTACT: Jack Carr, Assistant Director of Development Services
Lemuel Randolph, Director of Parks, Recreation and Open Space r
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the item.
ITEM SUMMARY:
* This item authorizes the execution of facilities agreements for the remaining residential properties in the McKinney Seven Stacy Tract located at the southeast corner of the intersection of Custer Road and Silverado Trail, setting the land value at a maximum of $100,000 per acre for the calculation of the parkland fee.
BACKGROUND INFORMATION:
* The Subdivision Ordinance requires developers of residential projects to either dedicate parkland (1 acre for every 50 units) or pay a fee in-lieu-of land, prior to receiving a building permit.
* The fee in-lieu-of dedication of land is calculated by multiplying the required number of acres by the current per acre property value, as determined by Collin Central Appraisal District.
* The subject project includes a multi-family tract and a single family tract which require parkland dedication or the payment of a parkland fee.
* The current CCAD land value is $152,460 per acre for both the multi-family tract and the single family tract.
* The developer has requested the land value for the remaining phases of this tract to be reduced to $100,000 per acre.
* Facilities agreements will be prepared for each remaining phase after the number of residential units has been determined through the site plan and platting processes and the park fee will be based on the reduced land value.
* Council has approved reductions for the following projects, where land values resulted in exceptionally high parkland fees: Hudson at McKinney Ranch, Greystar at McKinney Ranch, Stonebrook Villas and a previous p...
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