County approves alternate parkland dedication for 325-unit Inverness project with cash-in-lieu credits

Douglas County commissioners on April 8 approved an alternate parkland dedication request tied to a proposed 325-unit multifamily development in the Inverness Business Park, allowing a reduced land dedication and a cash-in-lieu payment after credits for private amenities and prior dedicated acreage.

Mike Paseka, representing Planning Services, said Holland Acquisition Company's site improvement plan (project SP2020-469) proposes 325 apartment units on a roughly 10-acre former Colorado Athletic Club site in the Inverness Business Park. Under Article 10 of the county's subdivision resolution, the board can consider alternate parkland dedication formulas for multifamily proposals. Paseka said the county appraisal valued land at $750,000 per acre and staff set out the required cash-in-lieu totals on that basis.

The applicant, represented by Kelly Dranginis of Holland Partner Group, presented demographic and market data the firm uses for its projects, citing an average household size of about 1.67 residents per unit in its Colorado buildings and a proposed adjusted average of 1.64 residents per unit. Using that lower household figure, Dranginis said the applicant's proposed land dedication would be 7.995 acres, equivalent to a reduced valuation of about $5,996,250. The applicant requested credits of $4,400,000 for on-site private recreational amenities (clubroom, fitness, pool, courtyards) and $242,215 for storm-sewer improvements, bringing the proposed parkland cash-in-lieu contribution to approximately $1,371,795 after applying a 0.3-acre credit for prior dedication.

During discussion, a commissioner asked whether the appraisal used full market value or fair market value; staff said the statutory standard references fair market value and that county appraisers use comparables to determine value, and the appraisal for this site returned $750,000 per acre. Paseka and staff noted that county policy work is underway to consider changes to Article 10 and that some jurisdictions apply lower household-size factors for multifamily projects.

After the applicant confirmed acceptance of the presented conditions, a commissioner moved to approve the alternate parkland dedication for project file SP2020-469 with the four conditions recommended by staff; a colleague seconded and the motion passed unanimously.

The board's approval allows the developer to apply credits for private on-site amenities and stormwater work against the county's park cash-in-lieu requirement; final payment and dedication implementation are subject to conditions and the site-improvement plan approval process.

Votes at a glance: alternate parkland dedication for SP2020-469 approved unanimously.