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Memo To: Cabarrus County Board of Commissioners From: Susie Morris, Planning and Zoning Manager CC: File Date: 12/7/2009 Re: Adequate Public Facilities Voluntary Mitigation Payment Adjustment for Schools Pursuant to the Cabarrus County Zoning Ordinance Section 15-9.7, "Mitigation measures that involve the payment of money to the County or School District to defray the per-unit impacts of school facilities must be based on calculated capital costs associated with new construction. The capital costs shall be re-assessed every five years. The Board of Commissioners shall adopt the minimum mitigation amount based upon that calculation and the annual rate of inflation. The Marshall and Swift valuation service shall be the index used to calculate the rate of inflation. The minimum amount of the Voluntary Mitigation Payment shall be adjusted and the new amount shall be effective January 1 of each year." Consequently, Staff is providing the Board of Commissioners with the following information based on the requirements of the Zoning Ordinance. Performing the required calculations for the adjustment, it shows that a decrease is called for based on the Comparative Cost Multipliers for Type A construction (fireproofed steel frame) in the Charlotte NC area. o Table one (1) describes the first adjustment calculation and the resulting amounts adopted by the Board of Commissioners for calendar year 2008. o Table two (2) describes the second adjustment and the resulting amounts adopted by the Board of Commissioners for calendar year 2009. o Table three (3) describes the third adjustment (2010) and the resulting amounts to be considered for adoption. Based on the information requested by the Board of Commissioners for the Adequate Public Facilities Voluntary Mitigation Payment adjustment in 2009, Staff is providing the following amounts to the Board of Commissioners for consideration for calendar year 2010. Amount for VMP based Amount for VMP on Index Adjustment to based on of October of 2009 (Year 3 60.572% after original study Amount for Amount for Amount for VMP (CURRENT using October Cost Amount for VMP based VMP based VMP based based on 50% ADOPTED Multiplier) on 65% (prior policy) on 60% on 55% (prior policy) POLICY) $12,598.95 $8,189.32 $7,559.37 $6,929.42 $6,299.48 $7,631.44 $6,682.26 $4,343.47 $4,009.36 $3,675.24 $3,341.13 $4,047.58 $6,071.83 $3,946.69 $3,643.10 $3,339.51 $3,035.92 $3,677.83 F-2 Page 74