HomeMy WebLinkAboutResolution 2014-0034CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 34
Series of 2014
TITLE: A RESOLUTION ES TABLISHING A SCHEDULE FOR FEES IN LIEU
OF PARKLAND DEDICATION AS REQUIRED BY CHAPTER 26 ,
ARTI CLE IV OF THE WHEAT RIDGE MUNICIPAL CODE
W HEREAS, the City Council adopted Ordinance 1547, Series 2014 on April 28 ,
2014, with the stated intent of simplifying the subdivision review process and establishing
consistent and defensible dedication and public imp rovement requirements ; and
WHEREAS , Ordinance 154 7 provides that City Council shall take action by
resolution to adopt a residential land valuation to be used in calculating the parkland fee in
lieu of land dedication ; and
WHEREAS , the ordinance further states that "the developer/owner. .. shall...pay to
the City a sum of money based on a per acre fee adopted by resolution of the City Council.
A fee in lieu schedule shall be estab lished with consideration for the per acre costs of
acqui ring and improving park land ; and
WHEREAS, the City has commissioned a la nd valuation study from a firm with
expertise in residential real estate transactions ; and
WHEREAS , the study analyzed 11 recent land t ransactions in the greater Wheat
Ridge area and determined the median sales price for residential development land to be
$3.64/square foot of land .
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Ci ty o f Wheat
Ri dge, Colorado, as follows:
For the purposes of ca lculating the City's parkland fee in lieu of land dedication , City
Council hereby determines the residential land valuation to be $3.64/square foot of
land .
The following table is illustrative of the impact of that land valuation on actual fees to
be paid .
Type of Res i denti al Density Factor Land Value* Pe r Unit Fee
Single and Multi-Family 2 .1 $3 .64 $2,497.29
Urban Renewal Area 1.7 $3.64 $2 ,02 1.62
Mixed Use Development 1.7 $3.64 $2 ,021 .62
Within Yz mile of transit 1.7 $3 .64 $2 ,021 .62
station
Senior Housing 1.5 $3 .64 $1 ,783.78
DONE AND RESOLVED this 9th day of June 2014.
ATIEST:
nelle Shaver, C1ty Clerk