City Council Minutes 1999 11 16 - Laserfiche WebLink

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Sisk stated that the Ordinance would take effect December 20. He asked Light whether the Ordinance could take effect on December 17, which would be thirty days after it was adopted. Light explained that the stated effect date is based on the fact that it would become effective thirty days after publication, assuming that publication would take place on November 20. He explained to Keany that the list of facilities contained in the Council Communication is illustrative only, as section 3.18.050 of the Ordinance states that authorized use of the fees includes acquisition and construction of public facilities, sites for public facilities and improvements to land purchased for public facilities. Howard asked Ray for an estimate on the funds that would be generated from this fee. Ray replied that she estimates $2,383,000 would be generated over the next five years. Keany asked for clarification that the amounts that are illustrated in the Council Communication are examples of where the City will need to spend the funds in the future and are based on historical data. He questioned whether the City is constrained to this amount by the historical data. Ray replied only in the proportionate share. She explained that they are building a basis to state that future development is going to pay the same proportionate share as developers have paid historically. Keany asked for clarification that the proposed amount is controlled by the City's historical data. Ray replied the historical costs have been converted to today's dollars; therefore, it is an apples-to-apples comparison. She explained that if all of the developers existing in the City were to pay a community investment fee, they would be charged $0.72 per square foot. Howard questioned whether CPI and like items are calculated into the fee. Ray replied that the CPI index was used. She explained that she researched what year, historically, the items were put into service and used the conversion from that year to bring it current. Howard moved that Council approve Ordinance No. 1314, Series 1999 - An Ordinance Amending Title 3 of the Louisville Municipal Code by the Addition of a New Chapter 3.16, Establishing a Community Investment Fee on second and final reading, seconded by Levihn. Keany asked for clarification that the public hearing was closed. Sisk closed the public hearing and roll call was taken.