Item 3 Draft Recommendation for the financial value of community benefits to meet bonus requirements — original pdf

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[BOARD/COMMISSION NAME] RECOMMENDATION 20240501-XXX [XXX is the agenda item number] Isaac Cohen SCW Combining district Date: Mar 26, 2023 Subject: Motioned By: Recommendation Regarding the financial value of community benefits to meet bonus requirements, benefits that meet certain criteria should carry stackable bonuses or value multipliers that provide developers with an outsized financial incentive to provide them. Criteria for bonus multipliers are listed below:  Permanent benefits with appropriate long-term/permanent easements  Publicly accessible space that does not serve as access to retail storefronts where any of the following Seconded By: Felicity Maxwell apply (may require coordination across multiple lots to be met).  It is adjacent to the lakefront trail, transit stations, or Bouldin Creek.  It is a contiguous green space with a trail providing a shorter path from endpoint to endpoint than streets (including inter-DDA). or a transit station (bus or rail). (Sq Ft number TBD)  Connects from a pedestrian accessible street to the Town Lake Waterfront, West Bouldin Creek,  Publicly accessible green space that meets a square footage minimum to represent a high-value park  Specific kinds of transit-supportive infrastructure that uniquely enables transit use, such as the examples below.  Larger than typical publicly accessible shelters  Publicly accessible restrooms  Transit interconnection hubs for ride-share or private bus lines to be able to drop off and pick up.  Infrastructure that uniquely enables multi-modal and accessible transport from the new rail station to destinations west of the station along Riverside and Barton Springs Road, namely  Palmer Events center  Long Center  Auditorium shores  Zilker Park/Barton Springs. Description of Recommendation to Council Value multipliers for certain benefits will incentivize either uniquely large, uniquely useful, or uniquely desirable permanent community benefits as opposed to smaller, disjointed, lower-value benefits. Rationale: The current staff recommendation does not articulate the valuation process for community benefits. It appears unopinionated as to how the requirement is met if the numerical monetary requirement is achieved. The current approach allows a developer to decide which benefits to provide without appropriate incentives for benefits that may require more work, permanent easements, or cooperation and planning across multiple lots. By delivering higher value via multipliers to permanent benefits that are 1 of 2  uniquely beneficial and possible in certain areas and combining these multipliers with the ability to do transferrable development rights, we can create the appropriate economic benefits to developers to provide the best community benefits possible. Vote For: Against: Abstain: Absent: Attest: [Staff or board member can sign] 2 of 2