AG 2008 01 22 - Laserfiche WebLink

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Memo To: Cabarrus County Board of Commissioners From: Susie Morris, Planning and Zoning Manager CC: File Date: 1/9/2008 Re: Adequate Public Facilities Voluntary Mitigation Payment Adjustment for Schools Pursuant to the Cabamas County Zoning Ordinance Section 15-11, "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 adopted at the regular meeting in January 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 an increase is called for based on the Comparative Cost Multipliers for Type A construction (fireproofed steel frame) in the Charlotte NC area. Over the last year, the cost of building materials overall has increased (6.3%), thus causing an increase in the amount of money needed to fund new construction or to replace current construction. The proposed adjusted amounts to be adopted by the Board of Commissioners for the Voluntary Mitigation Payment are as follows: Type of Unit Current Total Current Adjusted 55% of the Proposed Amount of Amount for Amount for Adjusted Amount to be Voluntary Voluntary Voluntary Amount for Adopted Mitigation Mitigation Mitigation Voluntary Based on Payment Payment Payment for Mitigation Commissioner Based on Year 2008' Payment for Policy of 85% Commissioner Year 2008 Pobic of 85% Single Family Detached $12,425.00 $8,076.00 $13,257.48 $8,617.36 $8,617.00 Townhouse $6,590.00 $4,283.00 $7,031.53 $4,570.49 $4,571.00 Multi-Famil /Other $5,998.00 $3,892.00 $6,389.20 $4,152.98 $4,153.00 * Comparative Cost Multipliers for October 2006 based on Marshall and Swift Valuation of 1.063 for Charlotte NC and a correction factor of 1.004 as listed for December 2007. C~ ~ y