12-10-2018 Council Meeting Packet

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{00149157 12} 16. dedication fees in an amount equal to the fair market value of the unplatted land as of the date of this Agreement or (ii) if no additional park dedication fees are then due, paid such fair market value in cash; such credit or cash payment will be made to the party, whether Developer or Owner, which owns such land at the time the deed therefor is released from escrow, as provided in Section 1.4.l. above or otherwise as agreed upon in writing between Owner and Developer.. The Developer and Owner shall advise the City of their agreement as to credit for the Public Park. The parties agree that the fair market value of the Public Park shall be based on an appraisal or appraisals. Developer shall also be given credit in an amount equal to the land value of the private parks within the Development as of the date of Final Plat approval for that phase. Said credit shall be provided upon recording of the final plat for such phase. Developer will also be given a credit for the cost of purchasing and installing gravel base and asphalt for the trail construction. Said credits shall be provided upon recording of the final plat for such phase. The credits for the private parks and the trail construction shall be based on the fair market value of the land as of the date of this Agreement, and shall be delineated in future phase specific development agreements. 8.2 Public Parks and Improvements The Development includes one Public Park, which shall be deeded in fee to the City at the time of the final plat for the first phase of the Development. The deed shall be placed in escrow, to be released to the City for recording after the City’s award of a contract for the Outlet referenced in Section 5.1 hereof and upon direction of the City to the Escrow Agent. At the time of release, the property for the Public Park shall be free and clear of all liens and encumbrances. A Master Plan for the Public Park has been developed by the City as shown on Exhibit D, Page 12, Public Park Conceptual Layout. The cost of developing the Public Park shall be paid by the City, except for grading as set forth below. a. In addition to deeding the Public Park to the City, the Developer agrees to make improvements to the Public Park consistent with the Grading Plan, and including soil corrections as determined by the City. Grading of the park areas shall be in conformance with the plan. Once the as-built demonstrates conformance to plan, Developer’s obligations relating to grading of the Public Park shall be considered met. Any financial securities relating to the Public Park shall be released at that time. b. In addition to delivering a deed to the Public Park into escrow, the Owner shall concurrently deliver into escrow an access easement connecting the Public Park to 20th Avenue North in a location acceptable to City. 8.3 Public Trails Approximately 3.35 miles of public trail will be constructed throughout the Development as depicted on the Parks and Open Space Plan. Easements shall be granted as described in Section 7.4, at no cost to the City, at the time of final plat of each phase of the Development. The general location of paved trails shall comply with the Parks and Open Space Plan and shall be constructed within the public easements at the sole expense of the Developer, subject to the credit provisions of section 8.1.