5/11/1999 - Laserfiche WebLink

Home Browse Search

• 0 Besides modifying the value of variables in the model, the amendment also modifies the cost component of the traffic impact fee formula. Based upon detailed analysis of roadway project costs, the cost per lane mile for construction of roads in the county was estimated to be approximately $837,860. This amount is significantly higher than the cost per lane mile being applied to benefit districts in the west part of the county. Because of the detailed analysis, the updated lane mile cost is more defensible than the current nine cost estimates. One advantage of the new cost estimate is that it applies countywide, thereby allowing a single traffic impact fee to be assessed in all three of the new benefit districts. That not only makes fee administration easier, it also ensures that fees will be assessed equitably countywide. The revised cost estimate, however, is the principal reason why fees will be significantly increased in the west part of the county with adoption of the amendment. As with the current traffic impact fee rate schedule, the proposed rate schedule reflects a 15 percent discount. Although this discount reduces the degree to which new development pays its way, there are several advantages associated with the discount. First, it reduces the traffic impact fee rate assessed to new projects, making the fee more acceptable. Second, it compensates for any errors associated with overassessment, thereby making the fee more justifiable. Finally, it limits challenges to the ordinance, because the absolute rates are discounted. Although traffic impact fees will increase in the area covered by several of the existing benefit districts, those increases are needed to correct current inequities. Adoption of the amendment will ensure that the fees paid are equitable geographically as well as among different use categories. Consequently, the proposed amendment will provide more fairness to feepayers, make implementation more efficient, and allow improvements to be completed in a more timely manner. Impact on Housing Costs Whenever amendments to the county's LDR's are considered, policy 1.7 of the Housing Element of the County's Comprehensive Plan requires that a financial statement be prepared to assess the anticipated impact of the regulation changes on housing cost. Policy 1.7 is stated below. "Policy 1.7: As part of the adoption process for any county regulation which could affect housing development, county planning staff shall prepare a Financial Impact Statement to assess the anticipated impact of the proposed regulation on the cost of housing. When proposed regulatory activities are anticipated to increase the estimated cost per unit for the development of housing, the Financial Impact Statement shall include an estimated increased cost per unit projection. The financial impact statement then will be reviewed by the Professional Services Advisory Committee, the Planning and Zoning Commission, and, if possible, the Affordable Housing Advisory Committee. Those groups shall consider the regulation's effect on housing cost in making their recommendation to the Board of County Commissioners. The Board of County Commissioners will consider the financial impact statement in making its final decision on the adoption of any proposed regulations." Following is the financial impact statement for revisions to Chapter 953 of the Land Development Regulations (LDR)s. Proposed revisions to Chapter 953 of the county's LDRs will increase the impact fee rate for most of the existing traffic impact fee benefit districts (please see the attachment 1 for the districts location). The following table compares the existing and proposed traffic impact fee rates for single-family and multi -family housing units and displays the amount and percentage of increase in each district. TABLE 2. .SINGIN IRA MU V nWVT T n►Tn TMrnnc. DISTRICT I II III IV V VI VII VIII IX Single -Family existing TIF $1,450 $1,355 $1,113 $1,000 $1,513 $1,211 $587 $860 $1,110 Single -Family proposed TIF $1523 $1523 $1523 $1,523 $1.523 $1523 $1.523 $1,523 $1,523 Dollar mount difference for a SF housing unit +$73 +$168 +$410 +$523 +$10 +$312 +$936 J+$663 +$413 Percentage change 5.03% 12.39% 36.83%' 52.30% 0.66% 25.76% 159.45% 77.09% 37.20% Proposed TIF rate as Percentage of old rate for 105.03% 112.39% 136.83% 152.30% 100.66% 125.76%=177 MAY 119 1999 31 BOOK fAGc; °'3