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REQUEST FOR COUNCIL ACTION <br />Department Approval: Manager Reviewed& <br />DATE: 2/22/93 <br />ITEM! NO: P mom 03 <br />Agenda Section: <br />Reports and Recommendations <br />Item Description: <br />Authorization to Purchase Langton Lake Property <br />BACKGROUND <br />During the past several months staff has been negotiating for the <br />purchase of the property at 1895 'hest County Road C2 located on the east <br />side of Langton Lake . The subject parcel is in the Langton Lake Park <br />Faster Plan for acquisition. During the discussions with owners Mr. and <br />Mrs. Edgard McCarty, they experienced a fire that partially damaged the <br />property. The following is the proposed agreement for purchasing the <br />property: <br />Purchase price (appraised price for the 4.52 acres) $255FOOO <br />(less fire insurance payment) -74.000 <br />Net Cost to City $181,000 <br />If the purchase isgapproved, staff will Iprovide three detailed options <br />for the council: <br />1. Retain the entire parcel for park usage. <br />2e Split off that portion necessary to insure a trail connection as <br />shown on the Muster Park Plan and resell the remainder of the <br />property including the house to reduce the net cost to the City. <br />3. Same proposal as #2 except that the house would he removed and <br />develop the property with new housing, exploring, options such a s -a <br />duplex or townhouse to provide needed housing options and maximizing <br />the return to the City. <br />POLICY of CTIVE <br />The proposal is consistent with the approved Langton lake Park Muster <br />Plan and the procedures used for obtaining other land parcels* <br />FINANCIAL IMPLICATIo S <br />Current city financial policies regui ... all proposed expenditures to <br />have a specified source of funds. <br />Recent purchases of parkland and related projects have utilized all but <br />$75,000 in the parkland fund, Staff is recommending that amount be <br />devoted to this project. The remaining cost of approximately $106rOOO <br />be paid from the park dedication fund. <br />If anticipated park dedication fees do not materialize, the amount to <br />cover the $106,000 including interest he repaid from the general tax <br />levy over a f ive year period. That levy would amount to an annual <br />amount of approximately $26,000* <br />