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<br /> " <br /> ~ <br /> ~! <br /> . <br /> sti II mC\int.in minimum llgreen-spacell requirements. Therefore, we C\re <br /> C\sking the City to exercise its option, and accept cC\sh in 1 i eLl of <br /> property. <br /> I I I. Fair Market VC\l Lie. <br /> Par'."graph (4) also states the amount of cash should be " eqLlal to the <br /> pel"centC\ge of 1 and ... , multiplied by the fair market vC\I Lie of the <br /> pr'c>pf.!rty at the time lJ'f finC\l approv,1\1 of the development <br /> C\pplicC\tion." <br /> A. The .pplicC\tion for this development wc\s submitted MOlY 11, <br /> 1992. The F'lanning Commission is scheduled to act on it June 3, <br /> J.992, C\nd the City COLlnci I on June 8, 1992. There'fore, this would <br /> define the tltime (fl"C\me) of final approval of the development <br /> €:\ppl i cati onl'. <br /> E<. F'C\rC\graph (4) states "The fair m.tr ket valLie of the property <br /> ",hC\ll be determined by reference to current apprC\isC\I dC\tc\ .. . " <br /> . <br /> I hC\ve attached a copy of 01 portion of an appraisC\I from Approai SOIl <br /> Research Associates, LTD. , completed C\nd dC\ted May 20, 1992. This <br /> obviously meet. the Iltime (frC\me) of fi nal approval" by the City. <br /> The C\pprC\isC\l, although secured for a different purpose, ShOLIl d <br /> ~ C\ccurately define the mC\rket val Lte of the property. It wc\s <br /> completed by a I ocC\l , well'-estC\bl i shed firm, according to all <br /> C\ppropriC\te Appraisal guidelines (such as FIERREA, OCC, C\nd <br /> LJSPAF') . As stated in the document cover letter, the apprC\isers <br /> "have no personal i nter'est or biC\s with respect to the subject <br /> matter " C\nd on PC\ge 10, It\?m lO!, "The t:ompensati on for this <br /> .. . , <br /> I"eport is NOT contingent Llpon the reporting of a pre determined <br /> val Lie " <br /> .. . . <br /> The C\pprC\isers went on to compare this property to five other <br /> recent vC\cC\nt lC\nd sC\les of comparC\ble size, 10cC\tion, use, etc. <br /> (pC\ges 30 to 41 of attached C\pprC\isal). Their conclLtsion, C\s <br /> shown, is thC\t the property has a current fair mad(et vC\lue of <br /> $420,0(>0. <br /> We ar'e aski ng the Council to C\ccept this figLJre for PC\rk Dedication <br /> cC\lculations. <br /> IV. P."yment S<:hedule. <br /> As with many new business developments, cC\sh--'f I ow is of very high <br /> concern to us. We are 01 new corporation, and have very limited <br /> l'''e:~!5P-rYes . Therefore, we are asking ,for <br /> A) A si>: -month delC\y in the pC\yment of these funds <br /> ~ 8) A monthly payment of $10,000 per month, starting December 1, <br /> 1992. <br /> Therefore, if the totC\I dedication is $33,600, pC\yments of $10,000 <br /> would be made December 1, 1992, JC\nuary 1 and FebrLtC\ry 1, 1993, and a <br /> fi nal payment of $3,60(> on March 1. 1993. '. <br />