Agenda - Parks and Recreation Commission - 05/11/2017

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Park D from the park credit request. Instead, the developer will now be responsible to fund all improvement costs for Park D. This area will be privately owned and maintained by the homeowners' association. • Developer's financial obligations: o The total cost to develop the trail and Park C is estimated at $665,410, of which city park dedication credits will be $482,910, and the remaining balance of $182,500 will be funded by the developer. o In addition to the cash funds above, the developer will forego revenue from 5 potential homes sales in the area of Park C, totaling $1,500,000. o The offsite financial obligations by the developer for infrastructure on Puma and Bunker Lake Road are substantial, totaling over $1,000,000. This reduces the ability of the developer to increase project funding. PROPOSAL Outlot C is proposed to be a public park (owned by the city) with standard park improvements including a playground or play structures, pavilion, and benches. The lawn maintenance of this park is proposed to be completed by the HOA. The estimated capital budget for this park is listed below. This budget includes the cost of the regional trail corridor and neighborhood trail. PARK C - PUBLIC PLAYGROUND $ 100,000.00 LANDSCAPING $ 100,000.00 LAND, 40,729 SF $ 23,375.23 PAVILLION $ 50,000.00 SIGN MONUMENT $ 15,000.00 PARKING $ 4,620.00 BENCHES {4) $ 7,680.00 TOTAL $ 300,675.23 TRAIL - PUBLIC LAND 42,924 SF $ 24,634.99 LAN DSCAPI NG $ 37,500.00 CONSTRUCTION COST $ 83,375.00 RETAINING WALL $ 27,125.00 BENCHES {5) $ 9,600.00 TOTAL $ 182,234.99 GRAND TOTAL PUBLIC PARKS $ 482,910.22 Should the city determine it will only provide park credit for the trail corridors and not the park, the developer will be unable to proceed with the park option. The developer's plan would then be modified to add residential lots to the previous park location. If this is the ultimate direction from the city, the developer will continue to move forward with development, without Park C as a feature for the residents of Riverstone. It is the hope of the developer, that the park proposal is accepted, so the Riverstone neighborhood is created to its maximum potential, to be a model neighborhood in the City of Ramsey for years to come.