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

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• Based on the findings /conclusions of the public hearing, the Council designates the land as regional recreation open space and approves an acquisition master plan that contains the acquired land or land held under an option to purchase. If these conditions are met as required by Minn. Stat. 473.147, and 473.313, the Council will consider reimbursing the regional park implementing agency via a grant as permitted under Minn. Stat. 473.315 for the following costs: • Appraisal costs incurred by the acquiring regional park implementing agency or entity under contract with the agency • Surveying costs incurred by the acquiring regional park implementing agency or entity under contract with the agency • Legal fees incurred by the acquiring regional park implementing agency or entity under contract with the agency • Fees for service provided by an entity under contract by the regional park implementing agency to negotiate and purchase the land or obtain an option to purchase • Principal payments made toward the purchase price including principal payments on a contract for deed or bond, or payments made on an option to purchase • 180% of township or city taxes due on the parcel at the time of closing as required by Minn. Stat. 473.341 In order to comply with Minn. Stat. 16A.695 requirements on the expenditure of state bonds, to minimize the total costs of acquisition and to be consistent with reimbursements made on other projects, these costs are not grant - eligible: • Acquisition costs incurred to acquire a local park, which is later designated a regional park • Interest incurred by the acquiring regional park implementing agency or entity under contract with the agency on bonds it issued to buy the land, or interest incurred on a contract for deed payment • Projected investment revenue lost by the acquiring regional park implementing agency or entity under contract with the agency, based on what it might have earned on funds it spent to acquire the land or to buy an option to purchase the land • Interest on inter - agency or intra- agency loans used to finance the acquisition payment(s) or option to purchase Reimbursement for development projects undertaken before they can be financed through the Capital Improvement Plan Reimbursement will be considered for development projects provided that: • the project is consistent in timing, scale, type, and cost with a Council- approved master plan • all information required for the development grant is submitted to the Council prior to the regional park implementing agency undertaking the project, and • the Council approves the project.