9.B.4. PRSR 07 14 2004 - Laserfiche WebLink

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Item # 9.B.4. ver MEMORANDUM TO: Parks and Recreation Commission FROM: Michele McPhers irector of Planning DATE: July 14, 2004 SUBJECT: Discuss Park Dedication for Downtown Revitalization Project BackYround As the Commission is aware, the Downtown Revitalization Project is moving forward. The City has now entered the development agreement phase with MetroPlains, the developer, and is working towards establishing the Tax Increment Financing District and Plan. Issue One of the key components of the development agreement is a desire on the part of the developer to work cooperatively with the City on developing the River's Edge Green Space and a partion of the river walk. They have requested that the terms of the development agreement include a provision that all park dedication monies relating to this project will be utilized in the development of the River's Edge Green Space and the rivet walk. They have also requested an opportunity to discuss a partial cash and land dedication when the time is appropriate. Project Description The Downtown Revitalization Project is comprised of two buildings: the Bluff Block and Jackson Square. The Bluff Block will include 10,000 square feet of retail on the first floor and 62 units of "fox sale, owner-occupied" housing. The Jackson Square Project is comprised of 32 rental units and approximately 10,000 square feet of commercial on the first floor. The total cash dedication fox the residential units will be $206,800, at the 2004, 2,200 per unit rate. The dedication fox the commercial portion will be collected at a percentage of the $4,500 per acre rate, based on the total square footage of the commercial component. As the plans fox the Bluff Block structure progress, staff will return to the Cotntnission to discuss the design details of the green space and river walk. There still remains an issue with