Agenda - Parks and Recreation Commission - 01/11/2018

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Funding Scenarios and Strategies in cena o 1 - Proximity to Parks; Revenue Producing Factors This Scenario is based on a series of studies conducted by the Trust for Public Land (TPL), and more specifically their 2011 study for the City of Seattle (see attached). Similar calculations for The COR might offer several strategies to capture revenue specifically allocated for park and trail improvements. • Value of properties within 500 feet of parks • Value attributable to parks (4.84%) • Property tax revenue from properties within 500 feet of parks • Tax revenue attributable to parks (4.84%) Strategies: 1. Capture a portion of increased property value — park and trail fees calculated as a percentage of property values attributed to nearby parks (adjusted premium per acre land sale cost) 2. Capture a portion of increased tax revenue — park and trail improvements calculated as a percentage of tax revenue attributed to nearby parks (then defined within the Parks' CIP) Scenario 2 - District Stormwater Management System; Shared Costs for Infrastructure This Scenario is based on recent work with the Mississippi River Watershed Management Organization to design and implement a district stormwater management system for the Prospect North redevelopment project in Minneapolis. Through additional research/ design provided by Barr Engineering (and other sources) overall project objectives and design parameters were defined that would yield savings (and produce better overall outcomes) for both the City and property owners/developers. This approach used the following baseline assumptions: To meet city standards for stormwater management through a traditional site -by -site approach, property owners/developers would typically spend between $90,000 — 150,000 per impervious acre to be treated. To meet city standards for stormwater management through a district/ shared system approach, costs will typically range from $50,000 — 90,000 per impervious acre to be treated (depending on the level of detail/intensity of the final design). A couple things to note: The ranges shown above include both engineering/ design fees and final construction costs. Ultimately this demonstrated multiple benefits and project efficiencies that meet functional (permitting) requirements and yield significant cost savings using the district/shared system approach, while at the same time raising the bar in terms of aesthetics, habitat creation, recreational use, increased property values and other positive outcomes. Strategies: 1. Secure commitments from potential/future property owners/ developers to pay to the City, no more than they typically would for site stormwater management components (site -by -site), but discounted per the savings realized for participating in a district stormwater management approach. For example: agreeing to pay $75,000 per impervious acre instead 12 The COR Parks + Public Places -'ty of Ramsey