The intent of this application is to request a voluntary annexation, small scale future land use map (FLUM) amendment to the City’s Comprehensive Plan assigning a “Commercial” land use, and a designation of Commercial Planned Unit Development (CPUD) district on the City of Stuart Zoning Map. The subject property is 0.80 acres. The property is currently undeveloped. This agenda item is for the annexation only as there is no development proposal included with the application. Any future development will return to the City Commission for review.
The draft analysis which includes a breakdown of the estimated reoccurring annual and one-time revenue from the proposed project is below. The estimation is based on the applicant’s evaluation of construction costs plus the current land value, which is appraised at $280,000. Building construction is estimated to be $680,000. Other work is estimated as such: $48,000 for site work, $29,000 for drainage, $39,000 for paving, $9,000 for water, and $64,000 for sewer. The subtotal is estimated to be over $869,000 of construction costs; however, this cost does not include irrigation, signage, landscaping, fencing and lighting. Adding the construction costs to the value of the property suggests that the post construction value of the land may be $1,149,000.
Proposing the best case scenario, that the Property Appraiser adds the total value of construction to the project of $1,149,000, the Ad Valorem generated by annexing this property into the City is estimated at approximately $5K.
Based on the estimated value of $680,000 for construction costs of the building, the use and the square footage of the building (6,800 square feet of medical office), would produce an estimated $13,411 in fees, including impact fees from the Building Division.
A copy of the application for annexation, Comprehensive Plan amendment and zoning designation was transmitted to Martin County Growth Management Department on August 1, 2018. Staff have not received any comment on the application to-date.