No.18-32
AN ORDINANCE AMENDING THE PROVISION OF THE MUNICIPAL CODE ESTABLISHING THE FAIR MARKET VALUE OF LAND FOR OEVLEOPMENT IMPACT FEE PURPOSES
WHEREAS, the Corporate Authorities have previously established regulations for the contribution of land and/or cash for development impact fee purposes, to be paid by those proposing to develop or re-develop areas in the Village with residential housing Hampshire Municipal Code, Chapter 14: Development Impact Fees; and
WHEREAS, the Corporate Authorities ordered, and have received from Jacobson & Associates, ltd., a current appraisal of the value of an acre of land in the Village; and WHEREAS, it
is the opinion of Jacobson & Associates using a sates comparison approach as detailed in its report to the Village dated July 18, 2018, that the value of an acre of improved residential land in the Village is currently estimated to be One Hundred Thirty Thousand and No/100 ($130,000.00) Dollar, and
WHEREAS, the calculations of certain impact fees to be paid to the Village in accordance with the requirements of said Chapter 14 of the Village Code depends on the valuation of an acre of land in the Village; and
WHEREAS, the Corporate Authorities deem it necessary and advisable to establish the current valuation for such purposes.
NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF HAMPSHIRE, KANE COUNTY, ILLINOIS AS FOLLOWS:
Section 1. The Hampshire Municipal Code of 1985, as amended, shall be and hereby is further amended to establish the fair market value of improved land for purposes of Chapter 14: Development Impact Fees, in words and figures as follows:
CHAPTER 14 DEVELOPMENT IMPACT FEES
ARTICLE 3
SECTION 14-3-1
DETERMINATION OF LAND VALUE
DETERMINATION OF LAND VALUE FOR CALCULATION OF IMPACT FEES
B. The present fair market value of improved land in the area of the Village is determined to be One Hundred Thirty Thousand and No/100 ($130,000.00) Dollars per acre.
Section 1 The fair market value of
improved land in the area of the Village shall be reviewed and may be adjusted by the Corporate Authorities from time to time hereafter, and in any event. specifically as follow:
a) At least one annually, within thirty (30) days after publication of the Consumer price Index Increase or decrease for the prior calendar year; and
b) At least once every three years, for which purpose the Village shall obtain a new or updated MAI appraisal relating to the fair market value of improved land in the area of the Village.
Section 2. Any and all ordinances, resolutions, motions, or parts thereof, in conflict with this Ordinance; are to the extent of such conflict hereby superseded and waived.
Section 3. If any section, sentence, subdivision, or phrase of this Ordinance, shall be held to be void, invalid or unconstitutional, such decision shall not affect the validity of the remaining portions of this Ordinance.
Section 4. This Ordinance shall be in full force and effect from and after its passage, approval, and publication in pamphlet form, according to law.
ADOPTED THIS 6th DAY OF September, 2018, pursuant to roll call vote as follows: AYES: Klein, Koth, Reid, Robinson
NAYS: Kraus, Krajecki
ABSTAIN: _ ABSENT: _
APPROVED THIS 6th DAY OF September, 2018.
J
Village President
ATTEST:
Linda Vasquez Village Clerk