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Page 2 <br />I suagest t7iat thc- City off�r to ucqUire 35 acres of <br />additional propertl, wl�ich will. include Llie 19 acres originally <br />sought, at $65JG per acre for a total co:;t to the City of <br />$227,500. This would b� paid ,`or by the $123,500 grant that <br />wiil apply co the 19 acres and the park dedication fee tvhich <br />I I;ave computed to Ue 551,750 uased on 95 acres of prorcrty <br />owned by tl�e owners at $6500 per acre. This wauld leave a <br />balance due to the owne-rs of $42,250. I suggest that this <br />balance be credited agai.nst any Eutur.e public improvement <br />installed Uy the City and ascessed against the property, The <br />r�ason I iiave usuu 35 a�ras i5 L:ial o,-,c- o� -� cc:.c�pt p;.�n� <br />prapared by t:�e property oomer indicat�.s that some 35 acres <br />couid He n;ade availabie to the City a� no yreat detriment to <br />the property owner and to the advantage of the City. <br />In summarj, I wouid suggest the £oliowing proposal: <br />35 acres at $6500 per acre $227,500 <br />Deduct federal grant and <br />$31,000 (City's shar.e) $123,500 <br />Deduct park dedication fee G1,750 <br />Total deductions <br />IIalance due to owners <br />This amount to be credited against a <br />£uture public improvement project to <br />be assessed against the M& P Realty <br />Company. <br />185,250 <br />$ 42,250* <br />This proposal has noL- been submitted to the owner and Z <br />am not sure that they are interestcd in it. However, it appears <br />to me that any proposai made to the owner should reflect a park <br />dedication paynent, either in the form of cash, land, or a credit. <br />The advantage to the o�anar to accepi the park dedication at this <br />tir,��� would Uc tro current appraised value of tlie property at <br />$0500 an acre. There is no doubt in anyone's mind that the <br />property is increasing in value annually at not less than 5 per <br />cent. The longer the developer waits to develop his property, <br />tl:e higher an appraisal wiil Ue relative to Che amount due for <br />a park dedication, zt would appear to be advantageous to the <br />owner to maka his decision as soon as possible. <br />Th::s is for your consideration. <br />Yours very truly� <br />Richard Meyers <br />RM/ew <br />cc: Doug Aryant <br />