12-08-25-R - Laserfiche WebLink

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18. STORM SEWER CHARGE. The Development is subject to charges for Stormwater review and approval by the Rice Creek Watershed District. 19. TRAIL CONNECTIONS. The Developer shall submit a cash contribution in the amount of $200,000 towards the cost of the City's construction of a trail along Snelling Avenue which shall serve as a future trail connection to Royal Hills Park. The fee shall be submitted as part of the cash contributions outlined in Section 26. 20. RESIDENTIAL DEDICATION. The Developer shall submit a cash contribution in lieu of land dedication. The cash payment shall be determined based on the fair market of 20% of the land that would otherwise be dedicated to the City and calculated based upon the fair market value of Lot 1, Block 1, as determined by an appraisal submitted to the City by the Applicant and paid for by the Applicant. Said appraisal must be made by an appraiser who is an approved member of the SREA or MAI, or equivalent real estate appraisal societies. The Applicant provided an appraisal report dated February 10, 2025 that was conducted by Michael T. Tinker, MAI, of Dahlen, Dwyer, Foley & Tinker, Inc. with an appraised fair market value of $2,250,000.00 for the Subject Property. Based on the appraised value, the fair market value of 20% of the land that would otherwise be dedicated to the City is $450,000. The residential dedication fee shall be submitted prior to the issuance of a building permit. 21. PARK DEVELOPMENT. The Developer shall submit a cash contribution in lieu of land dedication. The cash payment shall be calculated using the current per unit fee of $6,500, for a total park development fee of $773,500.00 for 119 units. The fee shall be submitted prior to the issuance of a building permit. 22. LANDSCAPING. Prior to the issuance of a building permit, a landscape financial security in the amount of 125% of the estimated cost of the landscaping shall be submitted by 11