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cow 1 99G74 CerNia <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />RE: Heritage Office Park 3rv1 Addition — Park Charge <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />The park charge for the Heritage Office Park 2 "d Addition was determined to be $2,250 <br />(5% of the value of the property which was supported by a copy of the purchase <br />agreement submitted by Real Estate Masters). To date the park charge collected for the <br />2nd Addition is $642.29, leaving a balance due of $1,607.71. <br />A park charge amount is yet to be determined for the Heritage Office Park 3rd Addition <br />given that we have no information on the purchase price of this parcel. Without this <br />information, I would recommend that an appraisal of the property be ordered, the cost of <br />which would be borne by the developer. The park charge would then be 5% of the <br />appraised value of the land. <br />It is my recommendation that the park charge for both the balance due for the 2 "d <br />Addition and for the 3rd Addition be collected prior to the City signing the mylars for the <br />final plat. <br />cc: John Dobbs, Heritage Development of MN <br />Page 3 <br />