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1110 <br /> MEMO TO: Mounds View Parks and Recreation Commissioners <br /> FROM: Staff <br /> DATE: August 22, 1984 <br /> RE: Review of Pinecrest Properties park dedication fund <br /> Mr. William Biem, President of Pinecrest Properties has filed a preliminary <br /> plat for the development of Pinecrest Properties which is 53 acres of vacant <br /> land in the southwest corner of Highway 10 and County Road H2. You may recall <br /> this proposal was before the Parks and Recreation Commission in 1977 when they <br /> initially scheduled development of the property, but due to financial prob- <br /> lems, they decided to delay development. The project is currently back on <br /> schedule and would be eligible for the park dedication fund in the amount of <br /> 10% land or cash equivalent. The Park Commission has two issues before it on <br /> Thursday. The first being whether or not to accept the proposed market value <br /> of the property as appraised at $13,380/acre and secondly to determine whether <br /> or not cash or land equivalent would be your pleasure. <br /> Staff's position on the detailed appraisal as completed in 1977 and the updat- <br /> ed letter as submitted is in agreement that the fair market for the value be <br /> accepted at $13,380/acre with the understanding that it is 25% - 35% low of <br /> the actual selling price of the property. Staff's reason for accepting the <br /> $709,800 value is that the legal costs and appraisal costs to reevaluate the <br /> property and go through a lengthy court hearing would not only establish bad <br /> image for the City but also probably would not be cost effective by the time <br /> 111/1 we were done. Staff's rationale for the low land value is that the <br /> appraisal <br /> is based on unimproved land and secondly the initial appraisal is low based on <br /> comparables. <br /> In relationship to the second issue, staff would recommend that the Commission <br /> accept the 10% cash for future park dedication rather than land equivalent for <br /> two reasons: <br /> 1. There is no proposed need for a park in that area, as theneighborhood is <br /> currently being served by Lambert Park and it is not scheduled for any <br /> type of park acquisition in the parks and open space master plan. <br /> 2. The cash for development of the City's existing properties is imperative <br /> with the number of projects yet to be completed as outlined in the City's <br /> parks and open space plan. <br /> It should be 'noted that the Pinecrest Park subdivision is only proposing a <br /> minor subdivision at this time of 16.33 acres entitled the Rachell's Addition. <br /> Based on 16.33 acres, the total park dedication fee would be $21,849.The Park <br /> Commission would be setting a precedent for future Pinecrest Park subdivisions <br /> should the property become subdivided further in the future. <br /> Staff will be discussing this issue in relationship to potential funding of <br /> the Greenfield Park L.A.W.C.O.N. grant also. Should you have any questions <br /> regarding staff's recommendation on the Pinecrest Properties park dedication <br /> 111/1 <br /> charge, feel free to contact staff directly at 784-3055, ext. #41. <br /> BKA/sll <br /> Attachment <br />