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088-86 Ordinance RECORD OF ORDINANCES 229 National Graphics Corp.. Cola" 0, ~ Form No, 2806-A Ordinance NO.__~_~~_~_?n___h_m_ P assed__n_ n_ _ n__ _hh_n_ _ _n_n__ nnn _n nn_n_n19 __ n_. -- AN ORDINANCE TO ESTABLISH AN ESTIMATED AVERAGE VALUE OF LAND PER ACRE FOR PARK FEES IN LIEU OF LAND DEDICATION AS REQUIRED IN THE VILLAGE OF DUBLIN CODIFIED ORDINANCES, SECTION 1109.02 (c), AND TO AMEND SAID SECTION. WHEREAS, Chapter 1109.02 of the Village of Dublin Codified Ordinances requires that" an estimated average value of land per acre shall be established every two years by an Ordinance of Council based on the recommendation of a qualified land appraiser, and; WHEREAS, the Continental Appraisal Company, qualified Real Estate Consultants and Appraisers, have made a study and are recommending an estimated average value of land per acre in the Village of Dublin, Ohio; NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, State of Ohio, ~ of the elected members concurring: Section 1. That the estimated value per acre for raw land within the Village of Dublin, Ohio of Twenty Thousand ($20,000.00)Dollars, as determined by the Continental Appraisal Company be, and hereby is, accepted. Section 2. That said estimated value per acre shall be applicable for a period of two (2) years commencing with the effective date of this Ordinance. Section 3. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law. Passed this 15th day of December 1986 , ~ Mayor - Presiding Officer Attest: -f~c'/j~~ Sponsor: Village Manager 1 hereby certify that copies Ilf this O~dinance/Resoluti~n were posted in the Village of Dublin 10 accordan':c Vdlh Section 731.25 of the Ohio Revi:;ed Code, J~'ffJ' t(~ Clerk of CouKil I Continentnl ~proisal Company I ANALYSIS OF THE DATA I I In a following section of this report entitled "Market Analysis", 20 sales are presented. A large group of sales were r reviewed with some disregarded due to circumstances that appeared I I I i to eliminate them as arm's length transactions. The pertinent sales ve been categorized and are summarized on the facing chart. I I The sales have been divided into two classifications: single >4amily development land and apartment development land. In the I single family classification, Sales 1 through 8 represent parcels , rang ing in size from seven acres to 105 acres wi th a uni t pr ice I ranging from $7,000 to $26,300 per acre. All of these sales have utilities available to them or within reasonable proximity for I extension. I Sales 11 through 14 are located east of the river and are restricted by the immediate availability of sanitary sewer. This has impacted immediate development potential and is reflected in I' the lower unit prices of the various parcels. D The third classification of residential land is in Washington Township beyond the corporate limits of the village. I There are only two sales and the unit price range is from $6,400 to $14,900 per acre. The higher end represents proximity to the I corporation boundary and the anticipated probable availability of utility services. , A second summary chart relating to apartment development land sales is also presented on the following facing page. These ~1 sales range in size from nine to 17 acres and in unit price from I" :l $49,500 to $63,700 per acre. These are included in the report '';I for reference purposes but are not a part of the data base for J calculating the estimated average land value for development raw I land in the Dublin area. Columbus, Ohio ~ - I I Contineninl ~proisal Company Again, referencing the residential development land summary, I the average per acre price for the 346 acres comprising Sales 1 through 8 was $19,291 per acre. The second group of sales I located east of the river averaged $17,047 per acre for 290 acres. I~ The third group of sales comprising 65.4 acres with an average unit price of $11,953 per ac re. These sales set the I lower range of land prices but are discounted in applicability to the establishment of the average unit price of raw land as I defined in.this report for single family residential development. This 'classification of land is considered more remote in point of I time to development than the sales included in the Nos. 1 through 8 grouping. I The average unit price for apartment land was $57,300 per acre for a total of 8l.8 acres. Again, this helps to establish I I the upper range of value but is not directly related to the final I i conclusion other than the establishment of a market range. II I I For the purpose of this report, Sales I through 8 and the r average unit acreage price established by these sales are most indicative the desired objective, "the unit price for raw land within the Village". For definition purposes, raw land is defined as "land which has services available to it for ~ I ! , development within the foreseeable future." The unit base for I' the purposes of the formula must be single family residential land. The Ordinance formula makes an adjustment for the I differential between permitted densities where I apartments, condominiums, or other increased densities are permitted. Therefore, the base value as set forth in the Ordinance requirements must be that of single family development land. Columbus, Ohio ConJinenJol ,Approisal Company Sales 1 through 8 indicated an average unit per acre sale price of $19,291. This, in the opinion of the appraiser, is most representative of residential development land in the Village of Dublin area based on the data assembled from the preceding two years through the current date in 1986. Based on the overall investigation, the assembly of the data, and recognizing that this unit price is to cover a two-year time span into the future, I the appraiser has concluded that a conservative suggested price . per acre for raw land within the Village for the subsequent two year period as required under Section 1109.02 of the Ordinances . of the Village of Dublin is: I ~WENTY THOUSAND (20,000) DOLLARS/ACRE I I I I I . ." . I I I I I I Columbus, Ohio s R'I 1:"- ,_ , - I , - I , - R.' '! \ r-- ~-1 e _ , yl ----1 '. !.! ,)D :- -'I . ' lo=- J, _'._~ t_ J--'. 'I,,,! -1 ... ,-'~, "..;- T'.' ~ ' ~ ...' ,w:...., : - - ~-~. -, .~ -: R-' y-- '-- .1-~- ~:-..----=:-- ------:- _- :J< : I ---- --_ _o- f: - II I - - - . . 'J I I - 'f-- I , I I \ t- ,. TO: Councilmembers and Law Director FROM: Sherman Sheldon - Village Manager RE: Value of Land for Park Fees DATE: November 4, 1986 As you may recall, there is a provision in Section 1109.02 of the Codified Ordinances of the Village, to establish an Estimated value of land per acre every two (2) years for use in calculating Park Fees in lieu of land dedication and, said value is to be recommended by a qualified appraiser. The Continental Appraisal Company was contracted to perform the appraisal and have submitted their recommendation based on a comprehensive study. An Ordinance to accept the Continental Appraisal Company recommendation has now been prepared for Council consideration. The full appraisal document can be made available if you desire to review same. Respectfully submitted, J{~ A//~ Sherman Sheldon Village Manager SS:njz /----..