9.2.A. PRSR 12 08 2004 - Laserfiche WebLink

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2004 Metro Greenways Site Protection Nomination Page 5 Describe any known issues related to multiple owners, title, boundary issues, site contamination, etc., that might complicate/delay a property transfer and include a preliminary project timeline. There are no known complications or delaying factors in this transaction. Once the final details are decided upon, the City anticipates being able to close the deal promptly. C. Funding Plan The cast for protecting the site cannot exceed the ability/limits oj~the program. A realistic assessment of the cost to protect the site should be made and a preliminary funding plan needs to be submitted as part of the nomination. Administrators of other potential funding sources should be consulted to determine if additional funds are available to supplement Metro Greenways if necessary. Has the property been appraised? yes X no appraisal date If yes, what is the appraised value? $ If no, what is the estimated cost of the site? $1,771,000 How did you arrive at this estimate? Comparable land in the City is currently selling for $22,000/acre. Describe any other anticipated costs and potential funding sources associated with the site. No other costs are anticipated. In order to meet the nearly $1.8 million purchase price of the property, the city is putting together a creative package of Park Dedication fee credits, grant partners, and cash. This may include reducing or eliminating Park Dedication fees that Tiller Corporation will owe the city for developing other land in exchange for a corresponding reduction in price for the Top of the World Addition. Another option under consideration is to provide Tiller Corporation with "coupons' for the Park Dedication fee that it can then sell to other companies. The price of the Top of ~e World Addition would be reduced by the value of the "coupons" provided to the Tiller Corporation. While these options do not require direct cash outlay from the City, they do reflect a reduction in fees and future income that the City would otherwise receive. If applied on an 80 acre site that Tiller Corporation intends to develop, the 2004- 2005 Park Dedication fee of $6000/acre for commercial land has a value of $480,000. This would reduce the cash needed for purchase of the land to $1.3 million. Other funding sources that are being pursued include the DNR's Scenic and Natural Areas grant, the US Olympic Committee (in support of the biathlon range), the Trust for Public Land, as well as up to $300,000 from the City's Park Dedication Fund. With the loss of fees resulting from the proposed Park Dedication Credit, this reflects a commitment from the City of nearly $800,000. A preliminary budget for the project is as follows: Park Dedication Credit (City of Elk River) $480,000 pending final agreement Park Dedication Fund (City of Elk River) $281,000 DNR Metro Greenways Grant DNR Scenic and Natural Areas Grant Trust for Public Lands $500,000 $500,000 Currently under discussion Total $1,771,000 Ctly q(/!%k Rirrr7ivp jibe WOrhtA~liiinn Cireenivay,v Grnm linnevlrno and As,voulmea', NovernAer 29, 100J_