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PARK BOARD <br /> July 1 , 1985 <br /> Page Two <br /> Fact E : Mr . Stanley reported to City staff that he spent <br /> approximately $8 , 600 on the one-acre park which <br /> has already been completed in the Sunset Oaks <br /> subdivision. $8 , 600 plus $1 ,100 (valuation of <br /> one acre) equals a total of $9 ,700 which has al- <br /> ready been dedicated to the Sunset Oaks subdivision . <br /> Fact F : * Two TotLots and One Ballfield Were Originally Requested , <br /> In researching the Council minutes , the following was <br /> found: <br /> " . . . this plat has proposed less than 100 of the <br /> total acreage for park purposes with the money <br /> to be used for the development of the proposed <br /> park areas . This is a combination of land and <br /> money proposal. Mr. Schneider added there be <br /> three parks according to Ordinance 21B , with the <br /> escrow to be established within 60 days , this <br /> escrow to equal 100 of market value as assessed. <br /> . . . two parks are to be completed as tot lots <br /> and the northern-most park to include a baseball <br /> field. " <br /> (November 22 , 1976 City Council <br /> Minutes - motion carried unani- <br /> mously) <br /> 'Back-up information for Facts C and F can be found in the Sunset <br /> Oaks plat file or the Park Board file . <br /> MOTION: Mr. Flannery moved , in an effort on the part of the <br /> Park Board to finally bring this issue to a close , to recommend <br /> to the City Council , based upon all of the facts presented , that <br /> Mr. Stanley be requested to dedication for park purposes , Lots <br /> 131 14 , 15 and 16 of Block 2 and the remainder of the dedication <br /> requirement be set up in an escrow account or a letter of credit <br /> from the developer (whichever the Council deems most approp_ riate) . <br /> The amount of land or cash required , is based on the facts pre- <br /> sented and is laid out as follows : <br /> Number of Acres 280 <br /> 1977 Value Per Acre X $15100 <br /> 308 ,000 <br /> 10 o for Park Purpose X . 10 <br /> $30 ,800 <br /> Satisfied Park Dedication - 9 ,700 <br /> Unsatisfied Park Dedication $211)100 <br /> Acres Requested (4 -2---acre lots) 8 <br /> 1977 Value Per Acre X 1 ,100 <br /> $ 8 , 800 <br /> Escrow or Letter of Credit + 12 , 300 <br /> $21 ,100 <br />