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conversion, then the remaining value of $78,558 would be eligible fora 50% grant of $39,279. The <br />City's eligibility to apply for other state grant programs would also be restored. <br />Please let me know if the City would be willing to accept a reduced Natural and Scenic Areas Grant <br />and, at the same time, mitigate the outstanding conversion at Lions Park. The State is only <br />considering this grant offer and is not making an official commitment. If a grant is not awarded, the <br />City will still be obligated to acquire mitigation land, either at Baileys Point or at some other <br />location. We plan to finalize the grant awards within the new few days. <br />The value placed on the Bailey property was deternmined by an independent appraiser hired by the <br />City of Elk River. <br />FINANCIAL IMPACT <br />The City portion of the DNR Grant, under the proposal discussed between the City and the DNR, would <br />be $59,150 based upon the aquistion price of $99,150. This price also includes the mitigate of the issue at <br />Lyons Park and allow the city to be eligible for future DNR funding programs for which we would want <br />to apply. The proposed funding source would be the GRE reserve fund (peaking plant PILOT). <br />ATTACHMENTS <br />• Proposed agreement for Bailey Park between the City of Elk River and the Department of <br />Natural Resources. This will need to be exectuted should the Bailey's Park be selected for <br />funding by the DNR. <br />Action Motion by Second by Vote <br />Follow Up <br />C:\Users\jjohnson\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.0utlook\SFWAYSNS\bailey park project 2011.docx <br />