Agenda - Parks and Recreation Commission - 10/09/2014

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a. Non -state funds and non - Council funds provided by the regional park implementing agency. Regional Park CIP if the cash contribution is financed with a regional park implementing agency money (that is, the agency's general fund or other account), but not with a grant from another entity such as a watershed district or local government aid provided by the state of Minnesota, that contribution is eligible for reimbursement as part of that park agency's share of a future regional parks capital improvement program. Based on this rule, if the maximum grant of $1.7 million was awarded and the park agency provided a match of $566,667, any costs incurred by the park agency above the $566,667 and paid for with park agency funds for grant - eligible expenses, are also eligible for reimbursement consideration from that park agency's share of future metropolitan regional parks capital improvement programs. b. The value of a land donation by the seller. The value of the donation is the difference between the agreed upon purchase price based on a certified appraised value of the property and the lower amount the seller agrees to accept as payment for the land. The certification of the appraised value of the property will be based on a third -party review appraisal, where the third -party appraiser will perform a field review of the appraisal and determine if the appraisal met the requirements of the Uniform Standards of Professional Appraising Practice (USPAP). Both the appraisal and the review appraisal must be submitted to the Council as part of the grant request. The cost of the third -party appraisal review is a grant - eligible item. c. The value of land that is obtained by a municipality under its park land dedication ordinance and transferred to a regional park implementing agency under a fee title or permanent easement agreement at the same time that the regional park implementing agency acquires additional land for that park or trail from the same landowner. The value of the dedicated land is based on a certified appraisal of the property. The certification of the appraised value will be based on a third -party review appraisal, where the third -party appraiser will perform a field review of the appraisal and determine if the appraisal met the USPAP requirements. Both the appraisal and the review appraisal must be submitted to the Council as part of the grant request. The cost of the third -party appraisal review is a grant - eligible item. Grant Term The effective term of the Park Acquisition Opportunity Fund grant is no more than 12 months or the expiration date of the state appropriation that finances the grant, whichever is less. A grant may be extended beyond the initial term of 12 months for cause. However the length of the extension cannot exceed the availability of the state funds financing the grant. Special Circumstances Lack of Available Acquisition Opportunity Funds If funds are not available to fully fund a grant during a given fiscal year, up to 60% of the next fiscal year's appropriation and matching Council bonds for Park Acquisition Opportunity Fund accounts will be used to reimburse park agencies for up to 75% of the grant - eligible acquisition costs or $1.7 million