04/06/1998 Park Board Packet - Laserfiche WebLink

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Page 2 Mr. DeGardner March 31, 1998 r� To offset the above costs and provide dollars the City for park improvements the following two options are suggested. PLAN 2 - Sell a 135'x560' strip of land along Laurie Ave. Mr. Uhde proposes to purchase a 1.75 acre strip of land for seven lots as shown on the attached sketch. The purchase price is based on an undeveloped land value of $12,000.00 per acre for a total of $21,000.00. In addition Mr. Uhde would do the following: 1. Stockpile 2500 cu. yd. of topsoil in the existing park with a value of $12,500.00 2. Relocate Sediment Pond to east side of Laurie Ave, which would save the City the cost of approximately 1.5 acres of land and the 12,000 - 14,000 cu. yd. pond construction at an estimated value of $42,000.00. 3. Stockpile wood chips from clearing and grubbing operations in existing park area. Amount and value unknown. This option would leave the City with a 6.9± acre park area and $21,000.00 cash, a wood chip stockpile, $54,500.00 savings for topsoil stockpile and pond relocation and an estimated savings of $70,831.46 in the trunk area & unit charges. This is a total value to the City of $133,831.46.00. PLAN 3 - Develop and sell seven lots along Laurie Ave Mr. Uhde would work with the City to include 7 lots into either the Behms Century Farms 4th or 5th Additions. These lots are estimated to have a 1998 retail value of $38,000.00 each, for a total of $266,000.00. This amount would be reduced by the costs to produce the finished lots. The cost to develop the finished lots is based on the costs to develop Behms Century Farm 2nd Addition. Street, sewer and water improvements - $16,000.00/lot, grading - $2,500.00/lot, engineering and surveying - $775.00/lot, sediment pond - $6028.00/lot ($42,000.00/7), City fees - $2,000.00 ( such as park dedication, pond & street maintenance, seal coat, storm water management fee, administration fee, aerial photo fee, plat & plan & legal reviews, engineering & inspection fees, etc.), boulevard tree - $250.00/lot for a total 'hard' cost of $27,553.00 per lot. In addition to the above there would be sales commission fees of $2,660.00/lot (7.0%/lot) and development fees of $3,800.00/LOT (10.0%/lot). The total development cost per lot is estimated as $34,013.00/lot for a total of $238,091.00.