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Glenview board directs staff to raise fair-market value used in school and park impact fees
Summary
Trustees directed staff to pursue a code amendment raising the 'improved land' fair-market value from $500,000 to $650,000 per acre, a change staff estimates would increase fee-in-lieu amounts by about 30%. Trustees asked staff to evaluate linking future updates to Cook County assessor data and confirmed the change would apply to developments that have not yet pulled permits.
Director Brady briefed the board Sept. 2 on a proposed text amendment to the subdivision code that would change the fair-market value of improved land, one of three factors used to calculate school and park impact fees. Staff recommended raising the land value used in the formula from $500,000 to $650,000 per acre to reflect current market conditions; Brady said that change would result in an approximately 30% increase in fee-in-lieu donations across elementary, high-school and park calculations.
Staff explained the Naperville model used to estimate impacts and noted that Districts 34 and 225 and the Glenview Park District had been engaged in discussions. Trustees asked how frequently the calculation should be updated and whether the village could tie future adjustments to the Cook County assessor’s triennial valuation; staff said that could be explored and returned for consideration at a later date. If adopted, the amendment would apply to developments that have not yet pulled permits; staff said permits trigger fee payment.
Trustee Bland moved to direct staff to proceed with the amendment and further analysis; the motion carried. Trustees and staff agreed to consider additional follow-ups to evaluate tying updates to county appraisal data.
