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reflects a perspective focused on fully mitigating the impact that new development <br /> has on the creation of affordable housing within the context of the feasibility study. <br /> A summary of the potential fee options is as follows: <br /> LIHF Adjustment Per Unit Options <br /> Fee Category Current Option 1 Option 2* Option 3 Option 4 <br /> Single Family> 1,500 sq ft $10,713 $10,713 TBD $11,784 $27,187 (1) <br /> Single Family< 1,500 sq ft $2,655 $2,655 TBD $2,920 $18,265(2) <br /> Multi-Family $2,655 $2,655 TBD $2,790 $15,694 <br /> Commercial/Office/Industrial $2.83 $2.83 TBD $3.00 $4.67 _ <br /> 'Assumes a fee review and potential adjustment in one year. <br /> (1)Assumes a 3,000 square foot home <br /> (2)Assumes a 1,200 square foot townhome <br /> Financial Impact <br /> Staff has looked at three areas of financial impact regarding a fee adjustment; overall <br /> potential for increased fee revenue, development fees in neighboring communities and <br /> the survey data included in the report. Staff is relying on the Report's analysis regarding <br /> the potential for development to absorb a fee increase. <br /> Estimating potential revenue increases from LIHF's is difficult since the City's focus has <br /> been for residential development to provide affordable units in lieu of paying a fee. As <br /> such there is not a direct correlation between planned/anticipated development and the <br /> amount of fees collected. However, for comparison purposes, the table below list LIHF <br /> revenue collected over the past three years. <br /> LIHF Over The Past Three Years <br /> Fee Type FY2011 FY2012 FY2013 Total <br /> Residential $131,463 $158,858 $742,012 $1,032,333 <br /> Commercial $17,018 $190,985 $68,305 $276,308 <br /> Total $148,481 $349,843 $810,317 $1,308,641 <br /> Notwithstanding the issues of estimating LIHF revenue, as part of the City Capital <br /> Improvement Program (CIP), staff makes assumptions regarding new development and <br /> as such, applying these to the fee adjustment options listed above yields the following <br /> results. Note for impact purposes only, these assumptions do not include the CarMax <br /> and Workday developments which are currently under review and would impact the <br /> commercial amounts considerably. <br /> Page 9 of 12 <br />