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<br /> .v~6 eFt AJuie% t-JiRfA <br /> 1450 W, HIGHWAY 96. ARDEN HillS. MINNESOTA 55112 633-5676 <br /> April 24, 1990 <br /> Mr. Glen Olsen, Director <br /> Real Estate Development <br /> Opus Corporation <br /> 800 Opus Center <br /> 9900 Bren Road East <br /> Minnetonka, MN 55343 <br /> Mr. Thomas Braman <br /> Braman and Nelson, Inc. <br /> 4438 IDS Center <br /> Minneapolis, MN 55402 <br /> Gentlemen: <br /> Thank you for your letter of April 5 regarding the required park <br /> dedication for your proposed property development on Northwoods <br /> . Drive. <br /> The Council reviewed your proposed dedication fee ($20(000) at <br /> our worksession last evening. After discussion, I have been <br /> authorized, by the Council, to offer the following counter <br /> proposal to satisfy the park dedication requirement: <br /> $86,300 (10% of purchase price) , payable in one lump sum, <br /> upon issuance of occupancy permit. <br /> This settlement offer is based upon the following factors: <br /> 1. city code requires that "the market value of the subject <br /> land at the time of the application" be the principal <br /> factor in determining the cash value of a park dedication. <br /> The most accurate gauge of market value is purchase price. <br /> County records indicate that the parcel in question was <br /> purchased by Opus in 1985 as part of a larger tract of land <br /> (11.8 acres) for $1,939,376. The property was divided into <br /> three parcels with an accompanying purchase price as <br /> follows: <br /> Parcel Acres Price Use <br /> 1 4.3 $700,000 Group Health - proposed <br /> . 2 3.0 490,000 American Family <br /> 3 4.56 749.376 Northwood Office <br /> 11. 86 $1,939,376 <br />