09-10-07 Item 4F, Lake Johanna Woods

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Property owners commonly use the proceeds from the lot sales to pay the park dedication fee. Since the lots have not sold, the applicant stated in her letter that the she does not have the funds to pay all or a portion of the park dedication fee at this time. The final plat conditions of approval require payment of the park dedication fee prior to the City executing the final plat. The final plat cannot be filed with Ramsey County until the City executes the final plat. The original development approved by the City Council did allow the City Attorney to set up a payment program for Ms. Boutin. The payment plan is outlined in the City's subdivision ordinance, and it permits the property owner to pay one-third of the fee up front and the second two-thirds within eighteen months ofthe approval date. The property will likely enter into a payment agreement prior to the expiration ofthe requested extension. If the [mal plat filing deadline is extended, Staff recommends that the development agreement be modified to include a 6.5 percent interest rate to the unpaid balance. The 6.5 interest rate was recently used in the City's road assessment project and was recommended by the Finance Director. The interest rate would be applied starting from the original March 12,2007, final plat approval date. The applicant is aware that an interest rate may be applied if the final plat filing deadline is extended. Recommendation Staff is recommending approval of the [mal plat filing extension request and park dedication fee interest rate. If the final plat approval is allowed to expire, the applicants would be required to go through the preliminary and final plat process again. Since there have not been any changes to the City's subdivision or zoning ordinances since the final plat was approved, a new review process would likely not produce a different outcome for the application. The lots do still meet the requirements of the subdivision and zoning codes. All ofthe other conditions from the final plat approval and subsequent development agreement would continue to apply. Deadline for Agency Actions The Final Plat approval will expire by September 12, 2007, unless a second extension is approved. Attachments 4F-l Filing Extension Request, Final Plat Map, and Final Plat Conditions of Approval 4F-2 First Amendment to the Development Agreement for Planning Case 06-039 4F-3 Current Development Agreement Page 2 of2 \lMetro-inet.uslardenhil/slPlanninglPlanning Cases\2006\06-039 Boutin -Lake Johanna Woods Final Plat (APPROVED)\091007 - CC Report- Boutin Final Plat,doc