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<br />. sti 11 maintain minimum lfgreen-sp8cell r-equir-ements. Ther-efor-e, we are
<br /> as~dng the City to exercise its option, and accept cash in 1 i eu of
<br /> pr-oper-ty.
<br /> I I 1. Fair- Market Val Lie.
<br /> Par-,,,gr-aph (4) also states the amount of cash should be " eqLlal to the
<br /> pel"centage of I and .". , multiplied by the fair mar-ket val Lie of the
<br /> prc1per-ty "t the time. e)f final approval of the development
<br /> application. "
<br /> A. The application for- this development was submitted May 11,
<br /> 1992. The Planning Commission is scheduled to act on it June 3,
<br /> 1 (7'92 ~ and the City Council on June 8, 1992. Ther-efor-e, this would
<br /> def i. nE, the Iltime (fl"ame) of f i. nal approval of the development
<br /> ap p 1 i cat i on II .
<br /> D. Par-agraph (4) states "The fair- mar-ket value of the proper-ty
<br /> shall be deter-mined by r-eference to cur-r-ent appr-aisal data .. . "
<br /> .
<br /> I have attached a copy o.f a por-tion of C:l:n appr-aisal fr-om Appr-aisal
<br /> Resecarc:h Associates, LTD., completed and dated May 20, 1992. This
<br /> obviously meet. the lItime (fr-ame) of fi nOlI apPII'""ovalll by the City.
<br /> The appr-aisal, OIl thOLlgh secur-ed for- a di.ffer-ent pLlrpose, ShOLll d
<br />. accurately define the market val. Lie of the pr-oper-ty. It was
<br /> completed by a local, well'-establ i shed f i lI'""m, according to all
<br /> appr-opriate Appr-aisal guidelines (such as FIERREA. acc, and
<br /> LlSPAP) . As statted in the document cover letter, the appraiser-s
<br /> Ifhay(= no personal i ntenest Dr bias with respect to the subject
<br /> matter " and on page 1(l~ It.?m 10, "The compensation for- thi s
<br /> .. . ,
<br /> I"eport is NOT contingent Llpon the reporting of a pre determined
<br /> val LIe "
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<br /> The appr-aiser-s went on to compar-e this proper-ty to five other-
<br /> recent vacant 1 and sales of compar-able size, location, use, etc.
<br /> (pages 30 to 41 of attached appraisal). Their- conclL\sion, as
<br /> shDwn~ is that the property has a current fair market value of
<br /> $420,000.
<br /> We are asking the Council to accept this figLlre for Park Dedication
<br /> calculations.
<br />*IV. Pi"yment Gchedul e.
<br /> As with m.ny new business developments, cash-.f 1 ow is of VE.ry high
<br /> concern to LIS. We are a new corporation, and have very limited
<br /> roeser'YES. Therefore, we are asking for
<br /> A) A si>:-month delay in the payment of these funds
<br />. B) A monthly payment of $10,000 per month, starting December- 1,
<br /> 1992.
<br /> Therefore, if the total dedication is $33,600, payments of $10,000
<br /> would be made December 1, 1992, January 1 and Febr-Llary 1, 1993, and a
<br /> fin al payment of $3,600 on March 1, 1993. "
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