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Meeting Date:
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Category:
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Type:
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Subject:
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16.6 Resolution 21-07 Developer Impact Fee Adjustment |
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure:
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File Attachment:
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Summary:
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By state law, school districts are authorized to assess developer impact fees to offset the cost of providing facilities for students resulting from new development. Previously, the maximum allowable developer impact fee was $3.78 per square foot for residential development and $0.60 per square foot for commercial/industrial development. The maximum fee is allocated two-thirds for the elementary districts and one-third for MVLA.
Effective January 22, 2020, the maximum allowable fee increased to $4.08 per square foot for residential development and $0.66 for commercial/industrial development, of which the MVLA share is $1.36 for residential and $0.22 for commercial/industrial.
The 2020 MVLA impact fee justification study establishes that, based on the expected cost of providing facilities for students resulting from new development, the District is justified in charging fees up to $1.36 per square foot for residential development and $0.22 per square foot for commercial/industrial development.
Currently, MVLA developer impact fees are $1.26 for residential and $0.20 for most commercial/industrial development. Revenue for the 2019-2020 fiscal year was $1,135,019.46. The revenue fees in recent years have been used for debt service on certificates of participation, the proceeds of which were used to construct additional classrooms and classroom support space.
This resolution increases the residential fee to $1.36 per square foot. The commercial/industrial fee will increase to $0.22 per square foot. A Notice of Public Hearing was published in the Mountain View Voice on August 14th and August 21st and the Los Altos Town Crier on August 12th and August 19th. This increase will become effective on October 26, 2020, sixty days after Board approval. |
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Funding:
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The increase in revenue will assist the Capital Facilities Fund (25) to meet its future expenditure obligations. |
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Recommendation
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That the Board of Trustees certifies Resolution No. 21-07, Developer Impact Fee Adjustment, increasing the developer impact fee on residential development from $1.26 per square foot to $1.36 per square foot and the commercial development fee from $0.20 per square foot to $0.22 per square foot. |
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Approvals:
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Recommended By: |
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Signed By: |
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Irene Aguilar - Administrative Assistant |
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Signed By: |
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Mike Mathiesen - Associate Superintendent |
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Signed By: |
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Nellie Meyer - Superintendent |
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