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I <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Page 2 <br />May 16, 1990 <br /> <br />$ <br /> <br />The preliminary plat was reviewed by the Parks Commission on <br />May 10 for park dedication requirements. The Parks Commission <br />recommended accepting cash in lieu of land, the total fee <br />being 5% of the fair market value of the undeveloped property. <br />The Owner agreed to the $10,000 per acre fair market value for <br />Lots 1 and 2, however, believed that Lot 3 should be valued <br />at a lower amount due to approximately three acres of wetlands <br />on the parcel. <br /> <br />The City Assessor indicates that the wetland valuation would <br />be $900/acre and the remaining nine acres would be valued at <br />$10,000 per acre. The average value of Lot 3 would then be <br />$7,725 per acre. ~The revised park dedication amount based on <br />this valuation would be $10,745 (21.22 acres @ $10,000/acre <br />plus 3 acres at $900/acre = $214,900 x .05). <br /> <br />At the May 15, 1990 Special Planning and Zoning Meeting, the <br />Commission recommended a drainage easement be conveyed on <br />Lot 3 along the north property line. <br /> <br />We recommend approval of the preliminary plat subject to the items <br />discussed in this letter. <br /> <br />If you have any questions in regard to the proposed development, <br />please let us know. <br /> <br />Sincerely, <br /> <br />HAKANSON ANDERSON ASSOCIATES, INC. <br /> <br />Peter R. Raatikka, P.E. <br /> <br />/mlc <br />cc: <br /> <br />Council Members <br />Mark Banwart, Comm. Dev. Dir. <br />Donald Greenberg <br />John Oliver & Assoc., Inc. <br /> <br />File: RA2:15-135 <br /> <br /> <br />