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NorthPointe <br />Development Contract <br />June, 2014 <br />a. The City will require a combination of land dedication and cash in lieu of land. <br />Per the approved Phasing Plan, Phases I, II, IV and Outlot B of the approved <br />Preliminary Plat (age -restricted multi -family complex) will pay straight park <br />dedication fees per unit at the time of each final plat. Phase III will dedicate 5.04 <br />acres of parkland, credit trail construction costs and collect any remaining cash <br />balance associated with Phase III. The park land dedication and trail construction <br />is anticipated to occur in 2015. Market value based on 2015 Anoka County <br />Estimated Market Land Values (MKLND) is approximately $23,732 per acre. The <br />developer purchased the property for approximately $26,500 per acre. An agreed <br />upon market value for land dedication is $25,000 per acre. <br />b. The Park Dedication fee for this site is calculated as follows: <br />21 units x $2,500 = $52,500 <br />XVI. PROPERTY TAXES <br />a. Should the recording of the Final Plat occur after July 1, any and all property taxes <br />on any public property dedicated as a part of this plat shall be the responsibility of <br />the Developer. Dollars shall be incorporated into the escrow agreement to cover <br />the cost of said property taxes. <br />page 16 <br />