08-08-2022 City Council Packet - Laserfiche WebLink

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As approved with Resolution No. 16-51, the City will require the following combination of land dedication and cash in lieu of land dedications: 1. Land dedication for the public and private parks will be credited from the total payment in lieu. 2. Costs for public park improvements and trail construction will be credited from the total payment in lieu. 3. Improvements to the private parks and recreational center will not be credited from the total payment in lieu. An 8.5 ft wide bituminous trail will be constructed 2501f over Outlot G from the public park to Norway Lane. A Permanent Trail Easement over Outlot G is required. Trail construction costs will be credited. Lot 1, Block 3, Watermark 4th Addition was platted for the future construction of the HOA clubhouse. Per the Master Development Agreement, the developer shall construct a private club house for the use of the residents of the Development once final plat approval for 518 lots has been granted by the City. With the approval of the 5th addition final plat, there will be 613 approved lots; therefore, the clubhouse shall be constructed with the approval of the 5th Addition. The following is a summary of the land dedication and fees: Watermark 5th Addition Total # Units = 97 x Park Dedication Fee $3,160 = Cash in Lieu Value $306,520 - Negative Balance from Watermark 4th ($39,440) - Trail Construction Costs ($7,500) TOTAL CASH FEE DUE _ $259,580 The negative cash balance from Watermark 4th Addition was the result of parkland dedication and trail construction cost credits exceeding the per unit cash in lieu value. The negative is carried over and balanced with 5th Addition. Plans and specs for Watermark Park are complete and construction is tentatively scheduled for 2023 once public street and infrastructure to the park site are installed. As noted, City staff and Lennar are working together on a revised plan to create a shared driveway and add additional parking on the Watermark Park site 6