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Mr. Hr)tm argued the marke: -. alue established by the City Assessor and agreed to deposit $500 v.'~th the City for the pu,'3ose of obtaining ~, market value appraisal; the appraisal came in at $179,600.(X1' Mr. Holm argued that he did not have the opportunity to provide input imt, the appraisal report. C,,~v Stall is recommending thal the development agreement for HY-10 4th be executed calculating park dedication based on the $97,400 market value; requiting the $5,()~10 maintenance guarantee; utilizing Mr. Holm's $500 deposit ~o pay the appraisal fee. Mr. Norm Holm was present and stated that he has been averaging $5,000/acre for sales in lhe HY-10 4:h; deductin? $55,0,')(! for site development results in a net value of $20,000 for tho 15 acre:.: park dedication should be 10% of the land net value ($2,000); he is willing to pay up to $3,(1(10 to re~.:~lve the pasi, dedication matter in order to be able to file final plat for HY-10 4ti:. Mr. iqolm noted that during the platting process for HY-10 4th, the City did amend it's park dedication requirements to 10% of land value versus collection of par~: fees at tht time of building permit issuance; this ordinance amendment states that the developer and cit~.' will agree on park dedication requirements at the time of preliminary plat approval and that was n.qt done in the case of HY-10 4th. Mr. Holm requested that the park dedication fee for HY-10 4th be established at $3,000; that the $5,000 maintenance guarantee be waived as the road was constructed almost one year ago; the $500 appraisal deposit be refunded. Mr. Goodrich noted it has been the City policy to establish the preliminary plat approval date as the cutoff for consideration under changing ordinances; the park dedication ordinance requiting a cash payment of 10% of market v:~lue became effective July 30, 1988; HY-10 4th received preliminar5' plat approval on August 23, 1988. Mr. Goodrich also noted that Coun:_.il is in the process of amending it's park dedication ordinance to reduce park dedication fees on commercial/industrial property to 5% of market value; Mr. Holm has the option to withdraw his plat and start the platting process over again, with a variance to the public hearing, in order to accomplish reducing the park dedication fee for HY- 10 4th to $4500. Council also has the option to recalculate the market value and park dedication fee based upon Mr. Holm's property sates figures. Based on Mr. Holm's figures, park dedication would be 10% of $3,000/acre times 15 acres or $4500. The $4500 figure is comparable to what park dedication requirements would be if Mr, Holm reapplied for final plat approval of HY-10 4th Addition under the new park dedication ordinance introduced earlier this evening. Motion by Councilmember Peterson and seconded by Councilmember Cich to establish a cash payment of $4500.00 to satisfy park dedication requirements for HY-10 4th Addition; to retain Mr. No~,':m Holm's $500 deposit for the purpose of paying appraisal fees for HY- 10 4th Addition; and to authorize that the $5,000 maintenance guarantee for HY-10 4th Addition remain in effect for one year from the date of final plat approval (i.e., November 1, 1989). Motion carried. Voting Yes: Mayor Reimann, Councilmembers Peterson, Pearson and Cich, VotingNo: None. Absent: CouncilmemberDeLuca. Motion by Councilmember Pearson and seconded by Councilmember Cich to ~ant a 120 day extension, effective June 27, 1989, to the time frame for recording the final plat of HY- 10 4th Addition. Motion carried. Voting Yes: Mayor Reimann, Councilmembers Peterson, Pearson and City Council/June 27, 1989 Page 11 of 15