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<br />Memorandum <br />August 28, 2007 <br />Page 2 <br /> <br />pace with the increase in cost of the square footage in development and construction <br />industry as well as increases in the capital improvement projects that the City has and <br />is currently undergoing at this time. <br /> <br />Taking into consideration the approved and planned City projects and the increase in <br />the cost of construction associated with them, staff is proposing an increase in the <br />unit cost from $50,000 to $72,000 dollars per participation unit. The increase in value <br />is based under the same nexus as in the prior analysis. The value takes into account <br />the increase in land value together with Capital Improvement projects over the next 5 <br />years. <br /> <br />The increase to the value of the bonus participation unit is still far less than the <br />current market value per square foot of property and/or construction. However, this <br />adjustment to the value of the bonus participation unit balances the nexus between <br />the approved and proposed projects and the cost of the bonus program. <br />