RES 99089 - Laserfiche WebLink

A fifth source of funding, Park Dedication Fees, is not included in the above table because approved development included as revenue has either previously paid this fee or will meet park obligations through other means. As the Council may recall, in October 1998, City Council adopted new development fees which are detailed in the City's Development Impact Fee Report dated September 1998. These new fees, which replaced a number of previous development fees, were adopted to be consistent with State AB 1600. Because the new fees aze now applied to commercial development and calculated in a manner that is significantly different from the previous development fees, it is difficult to determine the exact impact that the new fees have on current and future revenue projections. Further, as described below, the level of commercial and residential building activity projected from fee-generating projects included in the CIP is significantly less than the activity in previous yeazs. Nevertheless, for compazative purposes, for FY 1998/99, staff is projecting total development related fee revenue of $4,270,000 from 592 residential units and 1,411,214 square feet of commercial development as compazed to $3,276,569 from 78 residential units and 926,165 square feet of commercial development in FY 1999/00. In projecting Development Related Fees, staff has taken a conservative approach which includes revenue only from projects which have been approved by the City Council and have received Growth Management approval. As a result, the number of residential units and commercial square footage included as revenue generating projects is as follows: RESIDENTIAL DEVELOPMENTS AND COMMERCIAL SQUARE FOOTAGE USED FOR REVENUE PROJECTIONS RESIDENTIAL COMMERCIAL Year* Number Of Units Year* Square Footage **FY 1998/99 592 FY 1998/99 1,411,214 FY 1999/00 178 FY 1999/00 926,165 FY 2000/01 55 FY 2000/01 371,500 FY 2001/02 55 FY 2001/02 534,220 FY 2002/03 55 FY 2002/03 302,374 FY 2003/04 55 FY 2003/04 86,600 * Projects in the indicated yeaz provide revenue in the preceding year. As an example, the revenue collected from the 178 units in FY 1999/00 is available for projects funded in FY 2000/01. ** A portion of the fees projected to be collected from this development activity is included in beginning fund balances not as revenue and is presented for comparative purposes. x