PD160-CS 970708Date. ·
To:
F rom =
Subject:
LEISURE SERVICES DEPARTMENT
July 8, 1997
Clay Phillips, Deputy City Manager
D. Sims, Director ~
Gary
Land Purchase from the Mansions' on
the Lake Development
Recently, we received an estimate of the cost of acquisition of
the approximately 10.85 acres of property located along Denton
Creek in the Mansions by the Lake Subdivision. Mr. Simmons, a
project principal, prepared and delivered the attached estimate.
You will note that the price of the land is divided into tWo
categories; Multi-family cost - $166,750.00 and the Single Family
cost - 171,500. The total cost of this acquisition would be
$338,250. This equates to $31,175 per acre. This land is in the
flood plain and not developable for other than passive uses. It
is our opinion this amount is excessive and unacceptable.
The total park development fees due upon this property are as
follows:
Multi-family units - 315 units @$1,285
Single Family units - 14 units @$1,285
$404,775.00
$17,990.00
Total $422,765.00
It is staff's recommendation that the city collect the park
development fees on this project. If you have any questions or
wish additional information concerning this matter, please do not
hesitate to contact me.
C:\memos\mansions.
Sheet1
THE MANSIONS BY THE LAKE - COPPELL DEVELOPMENT
CITY PARK COST ANALYSIS & LAND USE CHANGE
JuLY t, 1997
DESCRIPTION OF COST
1. 10.85 Acres of Land for the park @ $15,000 per acre
2. Pro-rata cost of Hydrologist, application to FEMA
$162,750
$4,000
MULTI-FAMILY COST
$166,750
1. Cul-de-sac lot with Lake view lost due to thru mad
I lot less development cost
2. Cul-de-sac lot with LAKE VIEW lost due to reconfiguration
I lot premium for lake
2. True cul-de-sac lots lost due to reconfiguration
4 lots @ $12,000 each
3. Lot value lost due to thru street -6 lots @ $5,000
4. Additional cost of grading, concrete street, and curb
Approx. 110 foot extension
5. Extension road installed for Leisure Services
$58,000
$25,000
$48,000
$10,500
SINGLE-FAMILY COST
$171,500
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