Title
Approval of Ordinance Adopting 2014 Park Impact Fee Rate Adjustment
Recommended Action
City Manager Recommendation:
Move to approve on second reading an ordinance amending Olympia Municipal Code Sections 15.16.010 Park Impact Fee rate that results in an increase in Park Impact Fee rate of approximately 2.85%.
Report
Issue:
Consider an ordinance amending the Olympia Municipal Code relating to Park Impact Fee rate.
Staff Contact:
Dave Okerlund, Planning Program Manager, 360.570.5855
Presenter(s):
None.
Background and Analysis:
The background and analysis information has not changed from the first 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 2013. This represents the change from 1/1/12 - 1/1/13. For assessment year 2013, this was a 1.03% 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 2% COLA in 2013.
The construction component utilizes the Seattle Construction Cost Index (CCI) published by the Engineering News Record. The Seattle CCI during the period 1/1/12-1/1/13 was a 4% 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 - Current Year Design Cost
DV = Current Year Development Cost
LD = Current Year Land Cost
COLA = Cost of Living Adjustment Percent
CCI = ...
Click here for full text