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HomeMy WebLinkAbout88-12 - In-Lieu Park Dedication FeeRESOLUTION N0. 885812 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH ESTABLISHING THE IN -LIEU PARK DEDICATION FEE PURSUANT TO SECTION 19.50.070 OF THE NEWPORT BEACH MUNICIPAL CODE AND RESCINDING RESOLUTION NO. 84 -50. • WHEREAS, Chapter 19.50 of the Newport Beach Municipal Code establishes a standard of three to five :acres of parkland for each 1,000 • population expected to reside in a proposed. subdivision; and WHEREAS, in subdivisions containing less than 50 parcels the subdivider must pay in -lieu fees equal to the value of the parkland required for dedication; and WHEREAS, the City has retained a qualified appraiser to update and establish the median park value per acre to be used in computing in -lieu fees; and WHEREAS, the appraiser has placed a value of $612,833 per acre as the median value per acre of City -owned parkland to be used in assessing in- lieu park fees for residential subdivision; and WHEREAS, Resolution 84 -50 previously establishes said fee, which Resolution is to be superseded and rescinded hereby; and WHEREAS, the City Council has reviewed the appraisal report and determines said amount to be appropriate, NOW, THEREFORE, BE IT RESOLVED the the City Council of the City of Newport Beach does hereby establish the amount of $612,833 as the cost per acre to be used in assessing the in -lieu park dedication fees pursuant to Chapter 19.50 of the Newport Beach Municipal Code. BE IT FURTHER RESOLVED that said cost per acre shall be reviewed and adjusted, if necessary, at least every three years from the date of adoption of this Resolution to keep current with property appreciation. rescinded. BE IT FURTHER RESOLVED that Resolution No. 84 -50 be and hereby is ADOPTED this 22nd day of February . 1988. C \BBB \INLIEiJ. PRK