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Council Agenda - City of BurbankTuesday, December 6, 2005Agenda Item - 4 |
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The purpose of this staff report is to present the annual adjustment to the Development Impact Fees in accordance with the current Construction Cost Index as required by Ordinance 3340.
ANALYSIS:
Ordinance No. 3340 establishes procedures for adoption of certain Development Fees in compliance with the provisions of Government Code Section 66000 through 60017, which enables the City to adopt such fees. The ordinance mandates the adjustment of these fees by a percentage equal to the construction cost inflation rate for the prior year as determined on December 1 of each calendar year. The Development Impact Fees are adjusted using the Construction Cost Index as published in the Engineering News-Record. This year the increase in construction costs is 4.3%, based on the latest data available by the Engineering News-Record in November 2005. The Council is authorized to further adjust this increase. Based on a 4.3% increase, the adjustments to the Development Impact Fees are:
RECOMMENDATION:
Staff recommends that the City Council approve the adjustment to the Development Impact Fees in accordance with the current Construction Cost Index as required by Ordinance 3340.
ATTACHMENTS:
Exhibit A: Construction Cost Index Exhibit B: Certificate of Adjustment of Development Impact Fees Exhibit C: Adjusted Transportation Fee Schedule for 2006 Exhibit D: Adjusted Community Facilities Fee Schedule for 2006
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