City of Sycamore Ad Hoc Committee on Growth Management met Oct. 30.
Here is the agenda provided by the committee:
1. Call to Order
2. Approval of the Agenda
3. Approval of Minutes from the August 7, 2019 Meeting
4. Public Comment
5. New Business
A. Review of Land Values and Resulting Fee Adjustments
In 2016, the Ad Hoc Committee reviewed the impact and connection fee structure to establish a framework for refreshing variables that may change from time-to-time. These variables include construction costs, enrollment capacity and most importantly land values.
Independent appraisals were conducted to update the fair market land values used in the impact fee formulas for the Park District and School District. The appraisals were completed by Jeff Jacobson of Jacobson and Associates. A weighted average was used to determine the fair market value of an approved acre. This was done using a six-year smoothing technique with 15% of the value from December 31, 2012, 35% from December 31, 2015 and 50% from December 31, 2018.
At the meeting, the appraisal from Jeff Jacobson of Jacobson and Associates will be presented to the Ad Hoc Committee. The appraisal suggests that an acre of improved land in Sycamore as of December 31, 2018 is $92,000.
Based on land values of $83,500 per improved acre on December 31, 2012 (15%), $98,000 on December 31, 2015 (35%), and $92,000 on December 31, 2018 (50%), the value of an acre of improved land using the agreed formula is $92,825. This represents a decline of 6.59% from the number established three years ago at $99,375.
After review of the appraisal the respective taxing bodies impacted by the updated variable will be asked to insert the current figure into their formula and be prepared to present it at the next Ad Hoc Committee meeting.
B. Review of Definition of Land Related to the Park District Land Cash Ordinance
On August 7th, Ted Strack, Park District Representative on the Ad Hoc Committee proposed modifying the definition of “land” in the Land/Cash Ordinance. A copy of the proposed language is included with the Ad Hoc Committee agenda packet and aims at taking only sites that are not used for retention, detention or any other storm water management. Additionally, the Park District would like to have an agreement with the developer as to the Land/Cash donation that is independent of the City’s annexation agreement. This practice, which City staff supports, would outline responsibilities, timelines, etc.
Based on Committee feedback the proposed definition can be amended and brought back with the revised fee structures.
6. Reports of Ad Hoc Committee Members
7. Other Issues
8. Next Meeting
9. Adjournment
https://cityofsycamore.com/wp-content/uploads/2019/10/20191030a-adhoc.pdf
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