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HomeMy WebLinkAbout4.E.2. Authorizing the Payment of Park Dedication Fees over Three Years for the St. Mary's Henderson Addition, Res. No. 7606 11il Consent Business 4. E. 2. SHAKOPEE TO: Mayor and City Council FROM: Jamie Polley, Parks & Recreation Director DATE: 09/01/2015 SUBJECT: Authorizing the Payment of Park Dedication Fees over Three Years for the St. Mary's Henderson Addition, Resolution No. 7606 (B) Action Sought To approve a three year payment of park dedication fees required for the St. Mary's Henderson Addition. Background The City Council approved Resolution No. 7599 on August 18, 2015. The resolution approved the preliminary and final plat of St. Mary's Henderson addition. A condition of the final plat is payment of park dedication fees in accordance with the current fee schedule. At this time the rate is $4,450/unit for the Henderson. The Henderson has 51 units totaling $226,950.00 in park dedication. Discussion Representatives from Scott County CDA have requested a three year 0% repayment of the park dedication fees required. City Code Section 12.34 states that park dedication fees are required at the time of recording of the final plat. Council approval is required to allow a process different than the code requirement. The yearly payment for three years would total $75,650.00. The CDA's reason for a three year repayment of park dedication is due to: 1. Increased construction costs above what was anticipated making the project more difficult to complete. 2. The CDA is still in the process of paying down other projects (Jordan, Savage, etc.) therefore the CDA does not have the cash flow to pay the full amount of the fees right away but does have the capacity to pay the amount over the three years. 3. The Henderson units will bring in a majority of their residents from a three mile area which will open up housing stock for new families to move into. 4. There is a need for 55+ housing with everything on one level, underground parking, great amenities, etc. Park Reserve Impact The full amount of the park dedication fees for this development was anticipated for 2015. A three year repayment of the fees will impact the amount for funds available • for park projects, particularly Quarry Lake Park. However at the time Quarry Lake Park is constructed two of the three years will have been collected. Recommendation Staff is recommending approval of the three year repayment of park dedication. Relationship to Vision B. Positively manage the challenges and opportunities presented by growth development and change. Requested Action The City Council, if concur, adopt Resolution No. 7606, A Resolution of the City of Shakopee Authorizing the Payment of Park Dedication Fees over Three Years for the St. Mary's Henderson Addition, at 0% interest with the first payment due at the recording of the final plat. Attachments: Resolution No. 7606 RESOLUTION NO. 7606 A Resolution of the City of Shakopee Authorizing the Payment of Park Dedication Fees over Three Years for the St. Mary's Henderson Addition. WHEREAS, The City Council adopted Resolution No. 7599 on August 18, 2015 approving the final plat for the St. Mary's Henderson Addition; WHEREAS, Resolution No. 7599 required payment of park dedication fees at the recording of the final plat; and WHEREAS, Scott County CDA is requesting the payment of park dedication fees over three years in equal installments. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE, MINNESOTA: 1. Notwithstanding the condition in Resolution 7599, the park dedication fees for St. Mary's Henderson Addition may be paid in equal annual installments over a three- year time period,with the first payment due at the time of recording of the final plat. 2. Yearly payments following the initial payment will be due by August 1st of each year. Adopted in regular session of the City Council of the City of Shakopee,Minnesota, held this day of ,2015. Mayor of the City of Shakopee ATTEST: Interim City Clerk 467394v2 JJT SH155-23