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2006 Metro Greenways Site Protection Nomination <br />B. Timeliness <br />Page 6 <br />Sites that offer the prospect of concluding the land protection transaction on a timely basis will receive a <br />higher priority. Potential delaying factors such as multiple owners, title defects, property encroachments, <br />boundary disputes, site contamination, deed or easement restrictions, will be considered in evaluating the <br />nomination. <br />Describe any known issues related to multiple owners, title, boundary issues, <br />site contamination, etc., that might complicate/delay a property transfer and <br />include a preliminary project timeline. <br />There are no known complications or delaying factors for either transaction. Once the final <br />details are decided upon, the City anticipates being able to close the deals promptly. <br />C. Funding Plan <br />The costfor protecting the site cannot exceed the ability/limits of the program. A realistic assessment of <br />the cast to protect [he site should be made and a preliminary funding plan needs to be submitted as part of <br />the nomination. Administrators of otherpotentia[junding sources should be consulted to determine if <br />additional funds are available to supplement Metro Greenways if necessary. <br /> Golf Course Site Malmstrom Site (18 acres) <br /> 78 acres <br />Has the property No Yes, appraised in spring of 2005 <br />been a raised? <br />If yes, what is the $30,000/Acre (based on proximity to <br />appraised value? high-end housing development and the <br /> $1,000,000+ value of the gravel <br /> resources beneath the site. <br /> Total Value: $540,00 <br />If no, what is the $20,000/acre <br />estimated cost of <br />the site? Total Value: $360,000 <br />How did you Comparable land in the <br />arrive at this City is currently selling for <br />estimate? $20,000 - 22,000/acre. <br />Describe any other anticipated costs and potential funding sources associated <br />with the site. <br />No other costs are anticipated. In order to meet the $900,000 purchase price for the two <br />properties, the city is putting together a package of grant partners and cash. This may include <br />the DNR's Scenic and Natural Areas grant, the Remediation Fund grant, and up to $225,000 from <br />the City's Park Dedication Fund. A preliminary budget for the project is as follows: <br />Park Dedication Fund (City of Elk $225,000 <br />River) <br />DNR Metro Greenways Grant $175,000 <br />DNR Scenic and Natural Areas Grant $200,000 <br />DNR Remediation Fund Grant $300,000 <br />Total $900,000 <br />GYry ofEtk Biver Wnodtand 7mils Park Addition Greenways Gram <br />Bonestroo and Associates. Februarp 2006 <br />