6.3. SR 12-20-2010 - Laserfiche WebLink

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~l River REQUEST FOR ACTION TO Ci Council ITEM NUMBER 6.3. AGENDA SECTION MEETING DATE PREPARED BY Administration December 2Q 2010 Lori ohnson, Ci Administrator ITEM DESCRIPTION REVIEWED By Bailey Point Paxk Purchase REVIEWED BY ACTION REQUESTED Authorization to continue to work with the Minnesota Land Trust to secure funding to purchase Bailey Point from John and Nancy Babcock. BACKGROUND/DISCUSSION At the September 13, 2010, woxksession, the Council requested that discussion on the purchase of Bailey Point be brought back after adoption of the City's budget. In addition, I informed the Council that I would continue to pursue grant opportunities to fund this purchase to the greatest extent possible. Since the September meeting, property owner John Babcock and I have continued to work with Sarah Strommen, Associate Duectox of the Minnesota Land Trust, to secure funding for this purchase. The Land Trust has indicated that this is one of their high priority parcels for purchase of a conservation easement and that funding may be available for this parcel in July, 2011, following legislative approval of the Land Trust's funding. Fox those of you not familiaz with the Land Trust and conservation easements, attached is information from the Land Trust discussing conservation easements and appraisals. In summary, the Land Trust purchases a conservation easement over the property and the fee title is held by another party, in this case the City. The easement defines a set of land use restrictions placed on the property to preserve the land's unique natural features and characteristics. The Land Trust would pay the property owner the value of the easement and the City would pay the property owner the value of the fee title remaining after the restrictions are placed on the property. The restrictions requested by the Land Trust for inclusion in the conservation easement fit with the City's plans to maintain this as a natural area with very minimal change to its existing character. Ms. Strommen will be at the CouncIl meeting to further discuss the Land Trust's interest in this property and the funding that maybe available for this purchase. Finally, as requested all property owners within 350 feet of Bailey Point have been notified of this meeting. Unfortunately, because we were not certain this item would be on the agenda until late in the week, the notices could not go out until that confirmation was made on Thursday. N:\PobGc Bodies\City Council\Lori\2010\Bailey point 12 2010.doc