Title
Agreement: Park Impact Fee Credit Agreement for Cove Park and Appropriating Funding to Capital Improvement Project (L19005200)
End
FileID
File ID: 2019-00748
Location
Location: District 4
Recommendation:
Recommendation
Adopt a Resolution: 1) approving the Park Impact Fee Credit Agreement with Beazer Homes Holdings, LLC for Cove Park; and 2) authorizing the City Manager or the City Manager's designee to: a) execute the Agreement; b) increase the revenue budget in the Department of Youth, Parks & Community Enrichment FY2018/19 operating budget by $110,556 (Park Development Impact Fee Fund, Fund 3204) to account for City costs to be paid by the Developer pursuant to the Agreement; c) increase the expense budget by $94,731 (Fund 3204) in the River Oaks (Cove) project (L19005200); and, d) increase the expenditure budget by $15,825 (Fund 3204) in the PA-9 Art in Public Places project (L19920900).
Contact: Dana Mahaffey, Senior Planner (916) 808-2762; Raymond Costantino, Park Planning and Development Services Manager, (916) 808-1941; Department of Youth, Parks, & Community Enrichment
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Location Map
3-Cove Park Master Plan
4-Resolution
5-Exhibit A - Turnkey Agreement
Description/Analysis
Issue Detail: Beazer Homes Holdings, LLC (Developer) is the master developer of The River Oaks/The Cove development project that is currently under construction in South Natomas. The Developer has opted to develop the subdivision's park as turnkey park in lieu of paying the Park Development Impact Fee. Turnkey parks are developer-funded and constructed under the terms of a Park Development Impact Fee Credit Agreement, which provides the developer with early issuance of Park Development Impact Fee Credits to be applied towards building permits within the subdivision exchange for security to ensure that the developer completes park construction.
The River Oaks/The Cove development project is located nort...
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