HomeMy WebLinkAboutReso 2005-118 - Fair Market Value
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RESOLUTION NO. 2005-118
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 FEES-TO BE USED AS A BASIS FOR
FEES TO BE PAID IN LIEU OF PARK AND RECREATIONAL
LAND DEDICATIONS
WHEREAS:
A. Section 17.42.060 of the Redding Municipal Code provides a formula fhr the payment
of fees in lieu of land dedication.
B. Section 17.42.060B ofthe Redding Municipal Code sets forth the calculation of in-lieu
fees based upon the fair market value of the amount ofland which would otherwise be required for
dedication. Fair market values are determined by resolution ofthe City Council.
C. Staff recommends that the City Council adopt the fair market values hereinafter set forth
for the specified types of residential land.
D. It is in the interests of the City and its citizens that the proposed fair market values and
in-lieu fees be adopted by the City Council, effective October 1, 2005
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDDING FINDS,
DETERMINES, AND RESOLVES AS FOLLOWS:
1. Pursuant to Redding Municipal Code Section 17.42.060B, the City Council hereby
approves and establishes the following fair market values which are reasonably related to the cost
of purchasing the following types of residential land:
Type of Unit Fair Market Value
per Acre
Single-Family, Including Mobile Home $86,275
Multiple Family $48,726
2. Based on the fair market values set forth in paragraph 1 hereof and the formula set forth
in Section 17.42.060B of the Redding Municipal Code, the following in-lieu fees are hereby
established, effective October 1, ,2005.
Type of Unit In-Lieu Fee
per Unit
Single-Family, Including Mobile Home $1,262
Multiple-Family $713
3. 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 the specified types of residential land.
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4. For the purposes of Chapter 17.42 of the Redding Municipal Code:
(a) All owner-occupied units are considered single-family units, whether they be in
single-family projects, planned developments, or condominiums.
(b) A single-family is one unit per parcel; a multiple-family is two or more units on a
parcel.
(c) Where different types of units are grouped on the same parcel, the fee is calculated
by the number of units on the parcel, not by the type of structure.
5. This resolution shall become effective October 1,2005. Thereafter, the fair market value
shall be determined annually by resolution.
I HEREBY CERTIFY that the foregoing resolution was introduced, read, and adopted at
a regular meeting of the City Council on the 6th day of September, 2005, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Dickerson, Murray, Pohlmeyer, Stegall, and Mathena
None
None
None
1.:,<
Mayor
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Form Approved:
Attest:-
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CONNIE'~TRO~MAY
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RICHARD A. DUVERNAY, City Afforney