Amid Pandemic Challenges, Santa Clara Reports a Surge in Land Values
The City of Santa Clara is signaling that parks fees on residential development will soon be on the rise again with the release of the City’s most recent Land Valuation Appraisal Report for calendar year 2019. The report surveys land sale transactions across the City’s three zip codes and concludes with an opinion that land values range from $4.385 million per acre up to $4.495 million per acre depending on location. According to the report, land values have risen between 11% and 17% over the last two years, affecting the parkland dedication portion of the fee calculation accordingly. However, the practical effect that these rising land values will have on correlating fees is somewhat more muted because in 2019 BIA along with member builders negotiated a 5-year phase in of spiking fee increases that assured builders of more certainty over rapidly rising fees in the Mission City. To view the Land Valuation Appraisal Report, click HERE.