11/04/1991 Park Board Packet - Laserfiche WebLink

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� PARK BOARD MINUTES OCTOBER 7, 1991 that developers now own, they may subdivide, and the value of land has increased, although he doesn't see this happening very often. Ken Johnson asked if there should be an either/or situation in the formula, going according to what was paid for property or by the assessed value? Don Volk pointed out that farm land is assessed at a lower value than buildable lots, for example. George Lindy asked again if the board couldn't review the minimum per acre as an annual procedure, and would it be too difficult to change it? Don Volk replied that the council doesn't want to go through this all the time, but "no" it isn't real difficult to change it, just a matter of going through the "process". The "process" would require a first and second reading at the council, then publishing of the document, then publishing of the ordinance, and then 30 days after that it becomes effective. George Lindy commented that we need to "simplify this, it doesn't look like there is a good way to project accurate land cost, so the only way would be to review it annually or bi-annually, to make sure we're still in the ball park." Ken Johnson says this sounds "self defeating", the idea was to come up with a formula we don't have to keep changing, now we're going back to reviewing it each year. "It seems to me there are two points here, 1. is that base price is $10,000.00 per acre, we need to look at how have land values changed in comparison to the current price indexes, can that figure be tied into it?, or if they (the developer) haven't had their land appraised in recent years, make them get a current appraisal, or get an appraiser for the City." Don Volk said it may be worth having an appraiser. He says their rates vary from $200.00 to $1200.00, but it would be an accurate appraisal. He added "once the land changes hands, and the new owner does not develop it, that's what it's worth." Don Volk said that he can go back to the council and explain the concerns that have been discussed tonight, and put it on the agenda for a second reading. George Lindy asked how difficult it would be for staff to review the land values once a year. Don stated this could be done easily because all the land value figures are in a computer. Ken Johnson commented that he would like to see an appraiser used in determining land value, as the value could depend on the demand for the property. ,.� Don Volk pointed out that on the three Certificates of Real Estate Value that were handed out, all were sold for less than the 3