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To provide Council a sense of land values downtown, Staff obtained publicly available
<br />information on recent property sales downtown. In these transactions, land sold between $6 and
<br />$17 per square foot. Three of these transactions were improved properties and one was east of
<br />the railroad tracks. Staff was able to reasonably discount the value of the improvements in order
<br />to estimate the value of the land. Examining the history of property transactions downtown. it,
<br />appears that property is valued higher today than at any other time in recent years.
<br />For conceptual purposes only, the table below illustrates four different land cost estimates
<br />expressed as a cost per space:
<br />Again, for conceptual purposes only, Staff has estimated the total cost of providing parking
<br />including construction and land expenditures at $6, $10, $15 and $17 per square foot in the
<br />following table:
<br />Davidson opened the Public Hearing.
<br />Arlin Lehman, 908 Main Street. Louisville, Colorado. stated that many items proposed tonight
<br />are in agreement with what members of the Downtown Business Association (DBA) encourage.
<br />He asked to provide his comments on several issues. He stated that the nature of his business
<br />requires significant storage space, therefore, he would prefer that Council elect to use the net
<br />square footage calculation proposed tonight. He suggested that Council reconsider the time of
<br />fee. which is currently when the permit is taken out. He felt it should be with the occupancy of
<br />each different occupancy section due to the fact that it is non- refundable. It would also be
<br />difficult to predict what percentage of the building will be leased as retail use and what
<br />percentage would be leased as office space. He stated that he believes the amount of the fee is too
<br />high. He questioned why businesses would be charged approximately $5,000 per parking space,
<br />8
<br />450 Square Feet Per Space
<br />355 Square Feet Per Space
<br />Land costs at S6 /SF
<br />$2,700
<br />$2,130
<br />Land costs at S10 /SF
<br />$4,500
<br />$3,550
<br />Land costs at S15 /SF
<br />$6.750
<br />$5.325
<br />Land costs at S17 /SF
<br />$7,650
<br />$6,035
<br />To provide Council a sense of land values downtown, Staff obtained publicly available
<br />information on recent property sales downtown. In these transactions, land sold between $6 and
<br />$17 per square foot. Three of these transactions were improved properties and one was east of
<br />the railroad tracks. Staff was able to reasonably discount the value of the improvements in order
<br />to estimate the value of the land. Examining the history of property transactions downtown. it,
<br />appears that property is valued higher today than at any other time in recent years.
<br />For conceptual purposes only, the table below illustrates four different land cost estimates
<br />expressed as a cost per space:
<br />Again, for conceptual purposes only, Staff has estimated the total cost of providing parking
<br />including construction and land expenditures at $6, $10, $15 and $17 per square foot in the
<br />following table:
<br />Davidson opened the Public Hearing.
<br />Arlin Lehman, 908 Main Street. Louisville, Colorado. stated that many items proposed tonight
<br />are in agreement with what members of the Downtown Business Association (DBA) encourage.
<br />He asked to provide his comments on several issues. He stated that the nature of his business
<br />requires significant storage space, therefore, he would prefer that Council elect to use the net
<br />square footage calculation proposed tonight. He suggested that Council reconsider the time of
<br />fee. which is currently when the permit is taken out. He felt it should be with the occupancy of
<br />each different occupancy section due to the fact that it is non- refundable. It would also be
<br />difficult to predict what percentage of the building will be leased as retail use and what
<br />percentage would be leased as office space. He stated that he believes the amount of the fee is too
<br />high. He questioned why businesses would be charged approximately $5,000 per parking space,
<br />8
<br />450 Square Feet Per Space
<br />355 Square Feet Per Space
<br />Land costs at S6 /SF
<br />$5.882
<br />$4.640
<br />Land costs at S10 /SF...
<br />$7.682
<br />$6.060
<br />Land costs at S15 /SF
<br />$9.932
<br />$7,835
<br />Land costs at S17 /SF
<br />$10.832
<br />$8.545
<br />To provide Council a sense of land values downtown, Staff obtained publicly available
<br />information on recent property sales downtown. In these transactions, land sold between $6 and
<br />$17 per square foot. Three of these transactions were improved properties and one was east of
<br />the railroad tracks. Staff was able to reasonably discount the value of the improvements in order
<br />to estimate the value of the land. Examining the history of property transactions downtown. it,
<br />appears that property is valued higher today than at any other time in recent years.
<br />For conceptual purposes only, the table below illustrates four different land cost estimates
<br />expressed as a cost per space:
<br />Again, for conceptual purposes only, Staff has estimated the total cost of providing parking
<br />including construction and land expenditures at $6, $10, $15 and $17 per square foot in the
<br />following table:
<br />Davidson opened the Public Hearing.
<br />Arlin Lehman, 908 Main Street. Louisville, Colorado. stated that many items proposed tonight
<br />are in agreement with what members of the Downtown Business Association (DBA) encourage.
<br />He asked to provide his comments on several issues. He stated that the nature of his business
<br />requires significant storage space, therefore, he would prefer that Council elect to use the net
<br />square footage calculation proposed tonight. He suggested that Council reconsider the time of
<br />fee. which is currently when the permit is taken out. He felt it should be with the occupancy of
<br />each different occupancy section due to the fact that it is non- refundable. It would also be
<br />difficult to predict what percentage of the building will be leased as retail use and what
<br />percentage would be leased as office space. He stated that he believes the amount of the fee is too
<br />high. He questioned why businesses would be charged approximately $5,000 per parking space,
<br />8
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