Laserfiche WebLink
Fund ig n Scenarios and <br /> g <br /> Strate i es <br /> ..�cena I - Proximity to Parks; Revenue Producing Factors <br /> This Scenario is based on a series of studies conducted by the Trust for Public Land (TPL), and more specifically their 2011 study <br /> for the City of Seattle(see attached).Similar calculations for The COR might <br /> offer several strategies to capture revenue specifically allocated for park and <br /> trail improvements. <br /> w Value of properties within 500 feet of parks <br /> Value attributable to parks(4.84%) <br /> Property tax revenue from properties within 500 feet of parks <br /> Tax revenue attributable to parks(4.84%) <br /> • c <br /> Strategies: <br /> 1. Capture a portion of increased property value— park and trail fees <br /> calculated as a percentage of property values attributed to nearby parks <br /> (adjusted premium per acre land sale cost) <br /> } .. ` w 2. Capture a portion of increased tax revenue — park and trail <br /> A * improvements calculated as a percentage of tax revenue attributed to nearby <br /> parks(then defined within the Parks'CIP) <br /> Scenario 2 - District Stormwater Management System; Shared Costs for <br /> Infrastructure <br /> This Scenario is based on recent work with the Mississippi River Watershed Management Organization to design and implement a <br /> district stormwater management system for the Prospect North redevelopment project in Minneapolis.Through additional research/ <br /> design provided by Barr Engineering(and other sources) overall project objectives and design parameters were defined that would <br /> yield savings (and produce better overall outcomes) for both the City and property owners/developers. This approach used the <br /> following baseline assumptions: <br /> t .;. To meet city standards for stormwater management through a traditional <br /> AMsite-by-site approach, property owners/developers would typically spend <br /> between$90,000— 150,000 per impervious acre to be treated. <br /> To meet city standards for stormwater management through a district/ <br /> shared system approach,costs will typically range from$50,000—90,000 per <br /> r impervious acre to be treated (depending on the level of detail/intensity of <br /> the final design). <br /> A couple things to note: The ranges shown above include both engineering/ <br /> design fees and final construction costs. Ultimately this demonstrated <br /> multiple benefits and project efficiencies that meet functional (permitting) <br /> requirements and yield significant cost savings using the district/shared <br /> system approach,while at the same time raising the bar in terms of aesthetics, <br /> habitat creation,recreational use,increased property values and other positive <br /> ` outcomes. <br /> Strategies: <br /> 1. Secure commitments from potential/future property owners/ <br /> developers to pay to the City, no more than they typically would for site <br /> stormwater management components (site-by-site), but discounted per <br /> the savings realized for participating in a district stormwater management <br /> approach.For example:agreeing to pay$75,000 per impervious acre instead <br /> 12 The COR Parks+Public Places°-'ty of Ramsey <br />