08. Dev. Impact Fee report
City Hall
10300 Torre Avenue
Cupertino, CA 95014-3255
Telephone: (408) 777-3220
Fax: (408) 777-3366
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CUPEIUINO
DEPARTMENT OF ADMINISTRATIVE SERVICES
Agenda Item No. ~
Meeting Date: February 20,2007
SUBJECT AND ISSUE
Accept the City's development impact fee report for the year ending June 30, 2006.
BACKGROUND
The Government Code requires that the City make available for public review the City's three
development impact fees: the below market rate housing mitigation fee, the park dedication in-
lieu fee, and the "Heart of the City" planning fee. The attached report, which is currently
available on the City's website, provides information on amounts collected, spent, and available.
RECOMMENDATION
Accept the City's development impact fee report for the year ending June 30, 2006.
Submitted by:
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Approved for submission:
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David W. Knapp
City Manager
David Woo
Finance Director
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Printed on Recycled Paper
CITY OF CUPERTINO DEVELOPMENT FEE REPORT
FISCAL YEAR ENDING JUNE 30, 2006
1. Below Market Rate Housing Mitigation fee
(A) Description and Amount: An in-lieu fee collected on residential, office, industrial &
R&D development in order to address impact on affordable housing. Fee is $1.15
per sq ft on residential development and $2.25 per sq ft on office, industrial &
R&D development.
(B) Amount collected in FY 05/06
343,543
(C) Beginning of year balance
End of year balance
818,296
980,010
(D) Interest earned
29,368
(E) Expenditures: CCS affordable housing placement 70k,
Project Sentinel rental mediation 25k, teachers housing
assistance study 67k, and administrative costs 40k.
2. Park Dedication fee
(A) Description: Fees collected from developers in lieu of providing more parks
in the City.
(B) Amount collected in FY 05/06
657,450
(C) Beginning of year balance
End of year balance
181,901
40,658
(D) Interest earned
10,222
(E) Expenditure: McClellan ranch building improvement $151 k
(F) Transfer to general fund of $657k to pay back advance on parkland acquisition.
3. Stevens Creek Blvd "Heart of the City" specific plan fee
(A) Permit applicants along Stevens Creek Blvd corridor pay a $0.044 per sq-ft based fee
to reimburse City for the $94,929 cost of the 1994 specific plan for the central area
of the City.
(B) Amount collected in FY 05/06
18,427
(C) Beginning of year balance
End of year balance
39,037
57,846
(D) Interest earned (estimate @ 4.15%)
382
(E) Expenditure: Costs incurred in 1994 to prepare "Heart of the City" specific plan.
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