Title
Reimbursement for Qualified Public Improvements in Main Street Constructed by the Cove Phase I Garden Apartments Developer
Body
RECOMMENDED ACTION (Motion):
Approve the authorization of SDC funds to reimburse a portion of construction costs for qualified public transportation and stormwater improvements in Main Street constructed by the Cove Phase 1 Garden Apartments developer.
BACKGROUND:
The Cove Phase I Garden Apartments (Cove Phase I) development was issued a Type III land use decision on December 15, 2015, with conditions. The conditions required construction of specific transportation and stormwater public improvements that are included on the City’s adopted capital improvement project lists, and were constructed larger and with greater capacity than is necessary for the development. These improvements are qualified public improvements and the oversizing or capacity increasing portion of the improvement is eligible for funding through System Development Charges (SDCs).
When a developer constructs a qualified public improvement, the developer may be eligible for a System Development Charge (SDC) credit as regulated through the City’s municipal code, Chapter 13.20 System Development Charge for Capital Improvements, and specifically covered under Section 13.20.040 SDC Credit. As per Section 13.20.040, in January 2017 the Cove Phase I developer submitted a SDC credit request for qualified capacity increasing public transportation and stormwater improvements. As per Section 13.20.040, the City’s assessment resulted in Transportation and Stormwater SDC credits that were granted with the issuance of the first building permits.
The January 2017 SDC credit assessment was based on the supporting documentation for the qualified public improvement with estimated costs based on the most current and applicable cost information available at that time, being the engineering cost estimates and contractor’s construction price sheets.
The construction phas...
Click here for full text