Title
Approval of an Ordinance Adopting 2018 Park Impact Fee Rate Adjustment
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve an ordinance amending Olympia Municipal Code Section 15.16.101, Park Impact Fee Rates, resulting in a 2.49 percent increase in Park Impact Fee rates, on second reading.
Report
Issue:
Whether to amend the Park Impact Fee ordinance to update the rates based on changes in park land acquisition and development costs.
Staff Contact:
Larua Keehan, Parks Planning & Design Manager, Parks, Arts and Recreation, 360.570.5855
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
Background and analysis has not changed from first to second reading.
In 2008, Council implemented a Park Impact Fee rate adjustment mechanism to ensure that Park Impact Fees accurately reflect the current costs of park land, design, and development. The adjustment mechanism adjusts each of these three components annually.
The land component is adjusted by the Thurston County Assessor's Office median change in residential values for residential vacant land in Thurston County for assessment year 2017. This represents the change from 1/1/16 - 1/1/17. For assessment year 2017, there was a 2.55 percent increase.
The design component represents staff time for design, permitting, contracting, and construction oversight. This is based on the City of Olympia Cost of Living Adjustment (COLA). There was a 4 percent COLA in 2017.
The construction component uses the Seattle Construction Cost Index (CCI) published by the Engineering News Record. The Seattle CCI during the period 1/1/16-1/1/17 was a 2.2 percent increase.
Following is the adjustment formula that is applied separately for each of Olympia's three park types; community parks, neighborhood parks and open space:
FTCA = (DS*(1+COLA)) + (DV*(1+CCI)) + (LD*(1+PV)), where:
FTCA = Facility Type Cost per Acre
DS - Cur...
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