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6 <br /> <br />As approved with Resolution No. 16-51, the City will require the following combination of land <br />dedication and cash in lieu of land dedications: <br /> <br />1. Land dedication for the public and private parks will be credited from the total payment <br />in lieu. <br />2. Costs for public park improvements and trail construction will be credited from the total <br />payment in lieu. <br />3. Improvements to the private parks and recreational center will not be credited from the <br />total payment in lieu. <br /> <br />A 10 ft wide bituminous trail will be constructed 2,900 lf along CSAH 54 (20th Avenue) within <br />the right -of-way. Trail will also be constructed along Watermark Way. Permanent Trail <br />Easements are not required because the trails will be constructed within the road right-of-way. <br />Trail construction costs will be credited. <br /> <br />Park dedication fees will also be credited for the 5.39 acre public park land platted as Watermark <br />4th Addition, Outlot C. Per the Master Developer Agreement (MDA), the parkland dedication <br />fees are based on an appraisal of fair market value. An appraisal was prepared in December <br />2018 by Insight Realty Advisors, Inc. The credited value of Outlot C, Watermark 4th Addition is <br />$207,000. This outlot will be deeded to the City. The public park will be developed by City <br />consistent with the approved Master Plan. <br /> <br />Lot 1, Block 3, Watermark 4th Addition is being platted for the future construction of the HOA <br />clubhouse. Per the Master Development Agreement, the developer shall construct a private club <br />house for the use of the residents of the Development once final plat approval for 518 lots has <br />been granted by the City. With the approval of the 4th addit ion final plat, there will be 516 <br />approved lots. <br /> <br />Per the Watermark 3rd Addition Development Agreement, the townhome tot lot, play equipment <br />and associated landscaping on Outlot I, Watermark shall be completed by August 30, 2021. Per <br />Resolution No. 16-51, credit will not be given for theses private park improvements. <br /> <br />The following is a summary of the land dedication and fees: <br /> <br />Watermark 4th Addition <br />Total # Units = 91 <br />x Park Dedication Fee $3,160 <br />= Cash in Lieu Value $287,560 <br />- Land dedication value (Outlot C, Watermark 4th) ($207,000)