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Little Woods Report <br />November 8, 2000 <br />Page 6 <br />area set aside for street right of way, the density becomes 2.34 units per acre. (In <br />comparison, the minimum lot size in Mounds View is 11,000 square feet, which <br />translates into a density of 3.96 units per acre.) The value of these lots, given the <br />tree coverage and other natural amenities, could be as much as $50,000 or more. <br />Altogether, the 34 lots could be valued at 1.7 million dollars. <br /> <br />This plat scenario is based on a number of assumptions. First, the two blighted rental <br />homes would be removed in this development and two additional lots with existing <br />homes (8247 Long Lake Road and 8133 Woodlawn Drive) would be subdivided. In <br />addition to those four lots, there are eight other privately held lots which would need <br />to be purchased or whose owners would need to sign off on the plat and be <br />compensated in some other way, such as by retaining control over one or more of the <br />replatted lots. As mentioned previously in this report, if the City wishes to utilize <br />those lots for which it holds use deeds, it could anticipate paying triple the assessed <br />value to purchase the lots. Given that assumption, the City could anticipate paying as <br />much as $578,000 to acquire the rights to develop the County parcels. To offset that <br />potential cost, staff would explore other various funding and grant options. <br /> <br />One of the keys to this or any replatting of this area would be to preserve as much of <br />the natural area as possible. The contour of the proposed road follows the contour of <br />the wetland yet is setback a minimum of 125 feet. All of the home sites east and <br />north of the proposed street would fall within the wetland buffer, thus precautions <br />would need to be implemented to protect and preserve the wetland. Trees and the <br />wooded areas would be preserved to every extent possible, clearing only those areas <br />necessary for soil corrections and construction. <br /> <br />The other key to this or any development is to make it pedestrian friendly and to <br />emphasize and showcase the natural areas without detracting from or spoiling their <br />aesthetic beauty and function. A pathway is shown along the north side of the <br />proposed street as well as connecting to Sherwood Drive and Long Lake Road by <br />pathway extensions. A pathway could be added to the north side of the wetland as <br />shown on the plat to connect Ardan Park to the new development and to the <br />neighborhoods to the south and east. <br /> <br />Tax Base Impacts: <br /> <br />Any development in this area would of course have a positive impact to the City’s tax <br />base. Currently, the eight privately-held undeveloped parcels annually contribute a <br />cumulative $22 to the City in property taxes. The other parcels over which the City <br />holds use deeds generate no property taxes. Based on the above plat scenario with <br />34 lots, assuming minimum assessed values of $150,000 per lot (could be higher), <br />the amount of taxes annually generated for the City would be $17,204 based on 2000 <br />assessment rates. <br /> <br />Public Input: <br /> <br />For a subdivision of this scale, it would be very important to involve the adjoining <br />residents in every step of the process. It would be staff’s recommendation to hold a <br />public meeting, open to everyone having an interest in the development, once some