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ARDEN HILLS CITY COUNCIL — June 27, 2011 7 7.A. Planning Case 11 -011— Select Senior Living PUD & Plat (continued) City Planner Beekman stated based on the Code, park dedication can be in the form of a percentage of land dedicated to the City, or as cash in lieu of a dedication. The cash payment for the park dedication for this project would be $133,350. This amount would need to be paid in cash prior to the execution of the Final Plat, unless the developer enters into an agreement for a payment plan. Cash payments in lieu of park dedication can only be used towards the construction of new recreation facilities and cannot be used to maintain existing facilities. The benefit of cash park dedication to the City is that it provides dedicated dollars for park or trail development. The developer has suggested that the City waive park dedication, and as part of the approval of the preliminary and final plat, the developer would give the City, through a future assessment against Lot 2, an amount of $133,350 over and above any other assessments related to the implementation of the streetscape improvements for the B -2 District. It is anticipated that the City will assess a portion of the streetscape improvements related to the Guiding Plan for the B -2 District against the benefiting property owners. The owner of Lot 2 would agree to these assessments, plus an additional $133,350 towards the project. The benefit to the City in this arrangement would be the ability to use these funds toward accomplishing the streetscape improvements along County Road E. Councilmember Holden asked if this amount could be assessed before the project was done or if it would have to be assessed after the completion of the streetscape project. City Planner Beekman stated the City has not developed a plan for assessing the streetscape project but it may be similar to the process used for assessing the City's Pavement Management Projects. These assessments are not done until after the project costs have been determined. There are not many opportunities for the City to collect park dedication fees and the Parks and Recreation Department is in favor of collecting the park dedication fee. Councilmember Holden stated she would like to have the wording for this assessment to be changed so that half of the amount can be assessed at a time rather than all at once, if the streetscape project were done in phases. Mayor Grant stated he would be in favor of the City collecting the amount now rather than assessing the amount at a later time. The Parks and Recreation Department could use these funds for trail development now. Councilmember Tamble asked what percent of the funds budgeted for the streetscape project would the $133,350 make. Mayor Grant stated the $133,350 would likely be less than 10% of the total amount spent on the streetscape project. He stated the Parks Fund has a negative balance at this time and the funds could be used to offset this. Director of Finance and Administrative Services Iverson stated the Parks Fund has a negative balance at this time and the City will need to transfer money from the PIR Fund to make up the