17.5.D Public Park/Open Space Financial Contribution Standards

17.5.D.1 Public Park/Open Space Benefit Formula   

Floor area bonuses for one-time financial contributions to acquire public parks and open spaces or to make improvements to public parks and open spaces are to be based on the following:

a.  The financial contribution required for each square foot of bonus floor area shall be equal to eighty percent (80%) of the median cost of one (1) square foot of land within the Central Business District, as geographically defined below in Section 17.5.D.2.

b. The cost of land in the Central Business District, as geographically defined below in Section 17.5.D.2, shall be determined based on the average sale price for land within the most recent five (5) years, as provided by the City. In the event that fewer than three (3) such sale prices are available in the most recent five (5) years, the land value of parcels of land that are not developed with structures within the Central Business District, as provided by the Orleans Parish Assessor, may be used to determine the average cost of land for the purposes of this section.

c. The maximum bonus that may be obtained is equal to twenty percent (20%) of the base Floor Area Ratio.

17.5.D.2 Public Park/Open Space Standards and Guidelines   

a.  One-time contributions of land, cash, or improvements shall be targeted for specific improvement projects, or for off-site land acquisition within the area bounded by the Mississippi River, Interstate 10/North Claiborne Avenue, the Pontchartrain Expressway/Highway 90, and Iberville Street. Proposed improvements or acquisitions shall be approved by the City prior to the submittal of the FAR bonus application and worksheet.

b.  Applicants who propose to contribute improvements and who propose to install or construct such improvements shall submit documentation including but not limited to appropriate drawings, detailed construction commitments, and a performance bond for the completion of the improvements, prior to approval of the final development plan.

c.  Applicants who propose to make cash contributions for specific improvements that are to be undertaken by a City agency shall enter into an agreement with the City for such prior to approval of the final development plan.