REPORT TO COUNCIL
SUBJECT
Title
Adopt a Resolution to Amend Annual Fee Resolution to update FY 2014/15 Park Dedication In-Lieu Fee Land Valuation
Report
BACKGROUND
The Sunnyvale Municipal Code requires that annually the Director of Community Development determine the value of land for park-dedication in-lieu fees for City Council adoption in the fee resolution. Staff commissioned an appraisal report to assess the fair market value of residential land; however the report was not available when the remaining fees were considered by the City Council in June 2014. The park dedication in-lieu fee land value was last adjusted in 2011 when the rate was set at $69 per square foot. From 2008-2011 the fair market value of land for park dedication in-lieu fees was set at $96 per square foot. As necessary, it is appropriate to raise the fee which would allow the purchase of land for park purposes to reflect the cost of land in the community.
EXISTING POLICY
Sunnyvale Municipal Code (SMC) has two chapters regarding the requirements for park land dedication (or in-lieu fees): Chapter 18.10. Parks and Open Space Dedication in Title 18 (Subdivisions); and, Chapter 19.74. Park Dedication Fees for Rental Housing Projects in Title 19 (Zoning) which state:
Annually, on a fiscal year basis, the director of community development shall determine the fair market value for an acre of land in the city. The fair market value amount shall be included in the fee resolution adopted by the city council.
Traditionally, the land value has been published showing the value for a square foot of land which, if multiplied by 43,560, provides the value for an acre.
ENVIRONMENTAL REVIEW
N/A
DISCUSSION
Background
Staff has commissioned an appraisal report from Valbridge Property Advisors/ Hulberg
Associates, Inc., for the purposes of establishing the fair market value of land for park dedication in-lieu fees. The appraiser identified 11 residential property transactio...
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