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ARDEN HILLS REGULAR CITY COUNCIL—DECEMBER 12, 2016 9 Center parks. The reconciled cost estimate totaled approximately $14,500,000 and was based upon a joint review with WSB, Ehlers, Tradition Homes, and Alex Duval of Alatus. Ms. Kvilvang explained the cost reconciliation identified a path that was intended to maintain the overall integrity of the parks while adjusting park dedication fees to cover the improvement costs. The residential per unit park dedication fee will be increased to $6,500/unit and is already included in the fee scheduled to be approved by the Council on December 12, 2016. The City Council will need to update the park dedication fee ordinance to increase the park land and park improvement fee paid by commercial property to 7.5%of fair market value (FMV) of the land for each category (total of 15%). This is an increase from a collective total of 10% of FMV (prior split was 5%for land dedication and 5% for park improvements). Ms. Kvilvang reported the Master Development team has stated they would like to spearhead and pay for the design of the park improvements, in consultation with the City Council and the Parks, Trails, and Recreation Committee. In addition, the Master Developer may have an interest to construct the parks and deliver them "turn-key" to the City upon completion. This approach allows greater design and construction cost efficiencies since construction can occur in combination with the broader infrastructure improvements. The final designs remain subject to City Council approval. Ms. Kvilvang stated since the actual park construction is several years away, the costs and related fees will continue to evolve with the final park designs. The Memorandum of Understanding (the "MOU") between the City and Master Developer formalizes the understanding that: • The Master Developer will coordinate the design of the Creek, Hill, and Town Center parks and the final designs are subject to City Council approval; • The amenities will be in conformance with the attached TCAAP Park Standards prepared by WSB; • The City and Master Developer will work together on the timing and who will be responsible for construction and future maintenance of the Parks; and, • The park dedication fees may be modified to align with the final design costs MOTION: Councilmember McClung moved and Councilmember Holden seconded a motion to approve a Memorandum of Understanding with Alatus Arden Hills LLC regarding Park Land Dedication and Improvements to TCAAP/Rice Creek Commons. The motion carried (5-0). E. Approve Option Agreement with Alatus Arden Hills LLC for City Purchase of Civic Use Land to be Platted as Part of TCAAP/Rice Creek Commons Stacie Kvilvang, Ehlers & Associates, stated at the November 28th City Council Worksession, the Council directed staff to work with the Master Developer to prepare a proposed timeframe and cost structure whereby the City could acquire the Civic zoned property on the TCAAP site. The proposed sale terms were presented to the City Council at the December 5th Worksession, and the City Attorney has since memorialized those terms in the Option Agreement. The document will be executed by the City and the Master Developer upon approval by the City Council.