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Lacy <br />o� Little CanaQ,a <br />COMMUNITY PRIDE <br />1953 - 2003 <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: February 7, 2003 <br />RE: Revised Market Place Ponding Agreement <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Jim La�'aile <br />Matt Anderson <br />Rick Montour <br />Bill Blesener <br />ADMINISTRATOR <br />Joel R. 1- Janson <br />Attached is the revised agreement covering the donation of the storm water retention pond from Market <br />Place Development to the City. As you will recall, this was a condition of approval of the property <br />subdivision for the Snyder's Drugstore site. The key factors for your consideration in this agreement are <br />as follows: <br />• This agreement contemplates the possible vacation of First Bank Drive between <br />Middle Street and Market Place Drive. <br />• The deed transfer is proposed to occur after the vacation issue is resolved in order to <br />allow the current property owners the ability to donate a larger piece of land if the <br />vacation is approved thereby increasing the value of their gift for income tax <br />purposes. <br />• We will be paying the 2"d half of taxes on the ponding lot (estimated at about <br />$5,000). We will file exempt status for 2004 that must occur by June 30°i. <br />• The two executed deeds will be held in escrow by Commercial Partners Title until <br />the vacation issue is resolved. Market Place Development will pay all costs <br />associated with the escrow arrangements. <br />• I would anticipate we would hold the vacation hearing sometime in April as it affects <br />the construction of our storm water pond. <br />The City Attorney is review this agreement as drafted. Subject to any final comments he would have, I <br />would recommend approval as presented. <br />1 <br />