HomeMy WebLinkAboutReso 2019-059 - Fair Market Values of Residential LandsRESOLUTION NO. 2019-059
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
ESTABLISHING FAIR MARKET VALUES FOR VARIOUS TYPES OF
RESIDENTIAL LANDS—AND THE RESULTANT IN -LIEU FEE—TO BE
USED AS A BASIS FOR FEES TO BE PAID IN LIEU OF PARK AND
RECREATIONAL LAND DEDICATION
WHEREAS, Section 17.54.070 of the Redding Municipal Code provides a formula for the
payment of fees in -lieu of park land dedication; and
WHEREAS, Section 17.54.070(B) of the Redding Municipal Code sets forth the
calculation of in -lieu fees based upon the fair market value of the amount of land which would
otherwise be required for dedication; and
WHEREAS, fair market value of land is to be regularly updated by resolution of
the City Council; and
WHEREAS, the City Council last updated the fair market value of land in 2006; and
WHEREAS, it is in the interest of the City and its citizens that the proposed fair market
value be reflective of contemporary market conditions
NOW THEREFORE, BE IT RESOLVED THAT:
1. The City Council of the City of Redding finds that the recitals set forth above are true
and correct, and are adopted herein.
2. Pursuant to Redding Municipal Code Section 17.54.070(B), the City Council hereby
approves and establishes the following fair market value, which is reasonably related to the
cost of purchasing residential land, and is based on the combined average value of known
residential land sales during the period of September, 2015 to October, 2017 within the
City of Redding for undeveloped residential type properties:
Type of Unit
Fair Market Value per Acre
Single Family, Including Mobile Home
$137,339
Multi -Family
$137,339
3. Based on fair market values set forth in paragraph 1 hereof and the formula set forth
in Section 17.54.070(B) of the Redding Municipal Code, the following in -lieu fees are
hereby established.
Type of Unit
In -Lieu Fee per New Unit
Single Family, Including Mobile Home
$1,928
Multi -Family
$1,928
4. The City Council finds and determines that the in -lieu fees set forth above continue to
be reasonably related to the fair market value of residential land.
5. The effective date of this resolution is August 19, 2019.
I HEREBY CERTIFY that the foregoing resolution was introduced and adopted at a
regular meeting of the City Council of the City of Redding on the 18th day of June, 2019, by the
following vote:
AYES:
COUNCIL MEMBERS:
Mc Elvain, Resner, Schreder, and Winter
NOES:
COUNCIL MEMBERS:
None
ABSENT:
COUNCIL MEMBERS:
Dacquisto
ABSTAIN:
COUNCIL MEMBERS:
None
JULIE WINTER, Mayor
ATTEST:
FORM APPROVED:
PAMELA MIZE, City ClerkNj BARRY E. DewAIT, City Attorney