Title
Approval of Ordinance Adopting 2015 Park Impact Fee Rate Adjustment
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve on second reading an ordinance amending Olympia Municipal Code Section 15.16.010, Park Impact Fee Rates, resulting in a 4.8% increase in Park Impact Fee rates.
Report
Issue:
The City amends the Park Impact Fee ordinance annually to update the rates based on changes in park land acquisition and development costs.
Staff Contact:
Jonathon Turlove, Associate Planner, Parks, Arts and Recreation, 360.753.8068
Presenter(s):
None
Background and Analysis:
The background and analysis have not changed from first reading 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 2014. This represents the change from 1/1/13 - 1/1/14. For assessment year 2014, there was no change in value.
* 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 3% COLA in 2014.
* The construction component utilizes the Seattle Construction Cost Index (CCI) published by the Engineering News Record. The Seattle CCI during the period 1/1/13-1/1/14 was a 7.7% 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
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