HomeMy WebLinkAboutReso 23891 -CPA --8O
RESOLUTION NO. 2389
OF THE. PLANNING COMMISSION OF THE CITY OF CUPERTINO
RECOF LENDING CITY_COUNCIL ADOPTION OF A FUNDING
,MECHANISM FOR TRAFFIC CIRCULATION PROJECTS AND
OTHER CAPITAL IMPROVEMENTS.
The Planning Commission recommends the adoption of a two -tiered funding
mechanism to obligate future development to construct major traffic
circulation projects and other improvements.
1.. FIRST TIER FUNDING MECHANISM:' A $1.00 per square foot construction
tax, payable upon issuance of a building permit, should be imposed
as follows:
a. A $1.00 per square foot construction tax paid upon issuance of a
building permit for new office, commercial and industrial construction.
The tax shall apply to the entire building area including second tier space.
b. A $240 construction tax for each future residence payable upon
issuance of a building permit. BMR units are exempt from tax.
c. An $80 per hotel room/motel room tax payable upon issuance of
a building permit.
2. SECOND TIER FUNDING MECHANISM: A $2.00 per square foot surcharge,
payable based upon an approved development agreement, shall be paid
in addition to the initial $1..00 per square foot construction tax.
A credit can be granted second tier developers who provide community
amenities which have a measurable dollar value.
The Planning Commission further recommends that the City Council reconsider its
tentative decision to pool future development intensity for semi -developed
Core Area properties into a City controlled second tier classification. The
term "pooled space" refers to future building area which is the difference
between existing developed space and space which would have been allowed based
upon a .37 office F.A.R. or .1.8 commercial F.A.R. or what would have been
allowed if property owners exercised their traffic intensity trip options.
Example: Building space permitted by F.A.R. or trip end
Existing building space
Pooled space
The Planning Commission finds that the above -mentioned policy is not equitable.
PASSED AND ADOPTED this 11th day of April, 1983, at a regular meeting of the
Planning Commission of the City of Cupertino, State of California, by the
following roll call vote:
AYES: Commissioners Blaine, Claudy, Koenitzer, Chairman Adams
NAYS: Commissioner Binneweg
ABSTAIN.: None
ABSENT: None
ATTEST: APPROVED:
/s/ James H. Sisk /s/ Victor J. Adams
James H. Sisk Victor J. Adams, Chairman
Planning Director' Planning Commission