Agenda - Council - 12/08/2015 - Laserfiche WebLink

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and trail development fees in lieu of a cash contribution. Further, Northfork, Inc. desires to dedicate all of Outlot E, MOORS Addition to the city for park purposes, with appropriate cost accounting relative to the value of the land. After considerable discussion, and acknowledging that resident feedback generally favored park use for the area in question—together with the fact that this same 37 acres (Outlot E) has been proposed as a community park for decades; the Commission's motion included a recommend that, negotiations occur between North Fork Inc. and the City on solutions and alternatives for satisfying existing Park Dedication obligations (land dedication), and future Park Dedication (land or cash), together with Trail Fee satisfaction—with the goal being to arrive on a public land configuration suitable for a community park southeast of Lake Itasca. The negotiations on conveying the aforementioned land to the city for park purposes occurred, and an agreement has been reached, which was supported by the Park and Recreation Commission at November's regular meeting, and is the recommendation this case and Resolution discusses. In summary, after factoring previous Park Dedication (land) that had been deferred, and future Park Dedication and Trail Fees that will be owed to the city upon platting land presently owned by Northfork Inc., the agreement pencils -out with the city receiving all of the 37 -acre Outlot E Moors Addition for park, with a $75,000 payment by the City to Northfork Inc. to compensate for the differences between Park Dedication obligations and land valuation. The 'new' park space proposed is shown as Outlot E, on the attachment entitled Outlot Exhibit. Alternatives . Alternative One would be to 'do nothing at this time'. Staff does not support this alternative for several reasons, including: 1) A community park has been planned to utilize the 37 acres that is proposed to be acquired, now is the time to bring resolution to this matter. 2) A community park will serve the future residential properties to the southeast of Alpine Drive, and west of The COR. With Lake Itasca Community Park in place, this same residential area's Park Dedication can be in the form of cash, which may coincide with the need to begin park improvements (projected at 5 years or more into the future). 3) Absent closing on proposed agreement, there would be difficulty 'capturing' the value of the deferred Park Dedication mentioned above. • Alternative Two would be to proceed as outlined within Resolution #15-12-297 as soon as practicable with the $75,000 payment from the Park Trust Fund. (Staffs recommendation) • Alternative Three would be to proceed as outlined within Resolution #15-12-297 - but at a time that coincided with which ever occurred first; the sale of the 4 -acre lot south of Alpine Drive and east of Puma Street, OR the 36th month from the adoption of Resolution #15-12-297 with the $75,000 payment from the Park Trust Fund. (Acceptable to Staff, and Northfork Inc. but not desired by either.) Funding Source: The $75,000 in cash required to be paid by the City, after reconciling for the development fees owed, past and future, would be from the Park Trust Fund, monies derived from development in the form of Park Dedication (cash payments). It is important to point out, that the City accepted 4+ acres immediately southeast of Outlot E to satisfy Park Dedication from a different developer several years ago—with the intention that this land be sold, with the proceeds to be placed into the Park Trust Fund to ultimately provide for the necessary monies to acquire the community park this case discusses. This 4 -acre outlot is presently listed for sale, with the county assessed value at $86,800. The attachment entitled '4 -acre parcel' shows its location. Recommendation: