Title
Consider/Discuss/Act on a Facility Agreement to Reduce Parkland Fees for the McKinney Millennium Tract Located on the East Side of McKinney Ranch Parkway and at the Terminus of Silverado Trail
Summary
MEETING DATE: April 15, 2014
DEPARTMENT: PROS
CONTACT: Ryan Mullins, Interim Director of PROS
Jenny Baker, Senior Park Planner
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the agreement.
ITEM SUMMARY:
· This item authorizes the execution of a facility agreement for the McKinney Millennium multi-family development located on the east side of McKinney Ranch Parkway and at the terminus of 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 property is a multi-family development with 164 units which requires parkland dedication or the payment of a parkland fee, for 3.28 acres.
· The current CCAD land value is $152,460 per acre.
· The developer is requesting the land value be reduced to $100,000 per acre, which would result in a cash in lieu of parkland fee in the amount of $328,000.
· Council has approved reductions for the following multi-family projects, where land values resulted in exceptionally high parkland fees: Hudson at McKinney Ranch, Greystar at McKinney Ranch, Stonebrook Villas and for the multi-family and singe family McCutchin tracts, (all of which capped their per acre land value at $100,000).
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A