RES 03082 - Laserfiche WebLink

Included in Section II of the Appendix are three tables of development projections and the fees projected from these projects. The first table identifies those developments that have all development approvals and are included as revenue in this CIP. The second table includes those projects that have development approval but do not have Growth Management approval, The third table represents those projects that have been submitted for review or are expected to be submitted for approval during this CIP period. The projects in the second and third table are not included in the CIP. Should projects listed in tables two and three receive necessary approvals and pay fees during the 2003-04 year, this revenue will be available in 2004-05. Conversely, while a total of 378 units are projected for 2003-04, 75 are projected in the Vineyard Corridor and may not develop next year. If this should happen, as indicated above, an adjustment will be made in the Mid-Term CIP without affecting projects funded in 2003-04. In general, development projections must be viewed as tentative since even approved projects may be affected by the economy and the health of the housing and construction industry that is generally beyond the City's control. In 1998 the City conducted a comprehensive development fee study that established a nexus between development fees and the impacts brought on by new local development. This study established the fee amounts for the Public Facilities, Traffic Impact and Park Dedication fees. While this study has served as the foundation to current development fees, assumptions and development scenarios within the community have changed resulting in a need to again review these fees. As an example, the fee study anticipates considerable expense to expand the City's Operations Service Center to meet projected growth. However, the City has determined that this expansion will not entail the acquisition of additional land at the OSC as anticipated in the fee study. In addition, the fee study did not consider the acquisition of the Bemal property or the City's new traffic model which will continue to generate new information regarding traffic projects. As a result, staff anticipates the need to update this study to incorporate new information. Nevertheless, this CIP continues to apply development fee revenue to projects that are consistent with the intent and scope of the fee study. Consistent with the City's Development Impact Fee Report mentioned above, the Public Facility fees collected must be used on specific projects identified in the Report. Included in Section IV of the Appendix, is the status of these projects in this CIP. This tracking is intended to assure that revenue from the development fees is appropriately allocated to eligible projects. Because additional development related revenue could become available to the CIP if new development not included as part of development related revenue is approved, it is difficult to estimate the total amount of development revenue that could be available in this CIP. However, in general, development related revenue as a percentage of total available CIP revenues will continue to decrease during the course of the CIP. The reduction is related to development activity that is less then previous years and additional general fund revenue transferred to the CIP to assure that the City meets its share of CIP projects. Nevertheless, development related revenue continues to play an important role in this CIP. The trend in development fees is outlined in the graph on the next page. xiii