HomeMy WebLinkAbout5.D.1. Acceptance of Park Improvements in the Church Addition Development-Res. No. 6741 ~.11~ ~ e
CITY OF SHAKOPEE
MEMORANDUM ,
To: Mayor and City Council
Mark McNeill, City Administrator
From: Andrea Weber, Park and Recreation landscape Designer,
Jamie Polley, Director of Parks, Recreation & Natural Resources
Meeting Date: March 18, 2008
Subject: Acceptance of Park Improvements in the Church Addition
Development
Introduction
This item is to request City Council's acceptance of the development of a neighborhood
park by Tollefson Development Inc.
Background
The Church Addition preliminary plat included the following conditions
¦ The developer provide a combination of land and cash to meet park dedication
requirements
¦ The developer design and construct the park areas as part of the development (with
review of the design by the Parks and Recreation)
¦ That the costs for constructing the parks be credited toward their cash contribution.
The final calculations for the park acreage required for park dedication totaled 2.056
acres.
The remaining park dedication requirements will be met through cash contribution as
follows:
Park Dedication Cash Contribution Calculation
The preliminary plat conditions require that the applicant meet park dedication
requirements through a combination of land and cash. The cash amount was to be
calculated at time of final plat approval, which totaled $214,127.01 as stated in the
Resolution No 6060.
The cash contribution was calculated for the entire development as follows:
Fair Market Value of the Land as Defined by City Ordinance:
$6,500,000 (sale price of land)/41.26 acres = $157,537.56/acre
Residential: 166 units X $3,012/unit $499,992
Commercial: 6.94 acres X $5,344/acre $37,087
Credit for Land Dedicated: 2.05 acres X $157,537/acre ($322,951.99)
Cash Contribution Due = $214,127.01
A letter of credit in the amount of $214,127.01 has been held by the City for the park
construction.
The developer is also required to submit cone-year maintenance bond to the City for
maintenance of the improvement to the Church Addition Neighborhood park, as per the
Developers Agreement and the City code 12.19 Subsection 3 which states that the
developer must submit a maintenance bond guaranteeing the improvements for a period
of one year after final acceptance by the City. Improvements are defined as any public
improvements. The amount of the Warranty bond is 60% of the value of the
improvements
The park known as Church Addition is complete. The final cost breakdown for the park
development is illustrated below:
Letter of Credit $214,127.01
Developer's General Contractor (Ryan Contracting) ($54,539.81)
Site furnishings and Shelter (St. Croix Recreation) ($122,433.25)
Landscaping (Southview Design) ($21,797.04)
Engineering & Landscape Architect (John Oliver-not to exceed 5% of bond amount
$10,706.35, amount submitted: $24,702.01) ($10,706.35)
Construction Staking and Surveying ($5,302.50)
Total Park Construction Costs $ 214,778.95
Park Dedication Re uired 214 127.01
Amount Paid over Park Dedication Required $ 651.94
The developer therefore has met the cash contribution for park improvements and land
dedication. Aone-year Warranty Bond starting March 18, 2008 for 60% of $214,127.01
=$128,476.00 has been submitted. This has satisfied the total park dedication amount
of $214,127.01 and the fetter of credit under the development agreement can be
released to the developer.
Visioning Relationship
B. High Quality of Life &
C. Great Place for Kids to Grow Up
Requested Action
If Council concurs, offer Resolution No. 6741, A Resolution Accepting the Construction
of Park Improvements for the Church Addition Development and Authorizing the
Release of the letter of credit, and move its adoption.
RESOLUTION NO. 6741
A Resolution Accepting the Construction of Park Improvements for the Church
Addition Development and Authorizing the Release of the Letter of Credit
Whereas, pursuant to park dedication requirements for the Church Addition
Development, Tollefson Development, Inc. has satisfactorily completed the Church
Addition Neighborhood Park pursuant to the requirements of the final plat approval for
Church Addition.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SHAKOPEE, MINNESOTA that the work completed for the development of the park
in Church Addition and guaranteed under the letter of credit in the amount of
$214,127.01, under the development agreement is hereby accepted and approved; and
BE IT FURTHER RESOLVED, that the City Clerk is hereby authorized to release
and return the letter of credit under the development agreement upon receipt of the one
year warranty bond from the developer for 60% of the improvements.
Adopted in session of the City Council of the City of
Shakopee, Minnesota, held this day of , 2008.
Mayor of the City of Shakopee
ATTEST:
City Clerk