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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www. di.little- canacla. mn. as <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: September 18, 2002 <br />RE: Market Place Pond Donation <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalre <br />Jim LaValle <br />Malt Anderson <br />Rick Montour <br />ADMINISTRATOR <br />Joel R. Hanson <br />The owners of the Market Place Shopping Center recently completed the subdivision of their <br />property for the new Snyder's Drug Store. They are seeking execution of the plat to allow them to <br />complete their real estate transactions relative to this project. I have not signed the plat due to the <br />requirement we placed on them for the donation of property to facilitate a new storm water retention <br />pond at the NW corner of Market Place Drive and First Bank Drive. <br />Attached is a letter from Mark I- lotzler indicating their commitment to deed the pond to the City. It <br />seems to be more practical to have this pond dedicated to us after (subject to) the vacation of First <br />Bank Drive we discussed last summer. However, we cannot complete that component until after the <br />relocation of the Bus Hub occurs and that may not be until after the reconstruction of Market Place <br />Drive next summer. (Vacating First Bank Drive will add more property to their donation thereby <br />giving them a greater gift value for tax purposes.) <br />My concern is having a strong enough commitment to ensure the dedication of the pond to the City <br />occurs within our desired time frame. Our options in this regard rank from accepting the attached <br />letter as evidence of this commitment to executing a formal agreement to document this arrangement. <br />Another option is for Market Place to dedicate what they currently own and forego the vacated <br />portion of First Bank Drive that may accrue to them. (They would prefer not to do this for obvious <br />reasons.) <br />Therefore, my recommendation is to have the Council authorize the City Attorney to draft an <br />agreement to protect our interests and then authorize the Mayor and myself to execute same. <br />cc: Market Place Center <br />