HomeMy WebLinkAboutItem 04.dMemorandum
To: Mayor and City Council
From: Steve Mielke, City Administrator
Dennis Feller, Finance Director
Dave Olson, Community and Economic Development Director
Daryl Morey, Planning Director
Date: November 12, 2013
Subject: Community Growth.
If new residential construction continues at its current pace, permits will be issued for
approximately 350 -370 dwelling units this year thereby exceeding the July estimates by
approximately 15 -20 %. The 2014 budget was premised on the following growth assumptions.
As of Budget Estimates
31 -Oct 2013 2014
Building permits - number of dwelling units
Single family 304 315 345
Town homes 21 16 20
Multifamily - -
Total units
325 331 365
Developer confidence in future growth continues with 397 new single family lots approved in
the first 10 months of the year. There has also been heighted planning activity with more than
146 single family lots currently in the preliminary plat review phase and approximately 800
single family lots in the subdivision sketch plan review phase. Development activity has
historically been a key indicator of near term permit activity and community growth.
Actual
As of Budget Estimates
31 -Oct 2013 2014
Development Process
Number of residential dwelling units
Approved Final Plats
Single family 397 293 320
Townhomes /multi - family 0 0 0
Total units 397 293 320
ITEM 4.d
City of Lakeville
As such, the 2013 General Fund permit revenues and development related fees are expected to
exceed estimates by approximately half a million dollars. The capital improvement funds for
water and sanitary sewer will also have increased revenues as result of connection charges
collected with building permits.
2014 growth projections
If building permits are issued for new single family homes is as estimated in the budget (345
building permits), staff estimates there will be will be approximately 374 to 412 vacant lots in
available inventory throughout the coming year.
Single Family Lot Inventory Projections
Estimated number of Permits issued
for single family homes
Estimated number of lots in "New"
subdivisions which are ready for
building permits
Estimated number of vacant single
family lots
I 2014 I
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
(75) (90) (90) (90)
108 100 100
374 392 402 412
The number of vacant single family lots shown above does not include lots in plats which have
been finaled but are not ready for permits due to incomplete infrastructure.