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wwkw SH"L+E <br /> REQUEST FOR COUNCIL ACTION <br /> Date: December 12, 2011 <br /> Item No.. • 1 <br /> Department Approval City Manager Approval <br /> Item Description: Adopt Resolution Establishing a Procedure for Determining Fair Market <br /> Value of Property for Cash Payment in Lieu of Park Dedication <br /> BACKGROUND <br /> Land subdivisions that meet criteria described in City Code Section 1103.07 provide cash <br /> 3 payment in lieu of dedication of land for use as a park in all zones in the City where parkland <br /> 4 dedication is deemed inappropriate by the Park and Recreation Commission. <br /> 5 The City Council establishes that park dedication in non-residential areas be based upon the fair <br /> 6 market value of the property, as determined by the Ramsey County Assessor. Recently a <br /> "7 business asked whether an alternative method could be used to determine the fair market value. <br /> 8 POLICY OBJECTIVE <br /> 9 Establish a procedure for determining the fair market value of property to be used in determining <br /> '1 0 the fair market value of land for the purposes of Park Dedication Fees. <br /> 1,1 FINANCIAL IMPACTS <br /> 1 d"'? To be determined <br /> '1 3 STAFF RECOMMENDATION <br /> '14 Adopt a resolution establishing a procedure for determining Fair Market Value of Property for <br /> '1 5 cash payment in lieu of park dedication. <br /> '1 6 REQUESTED COUNCIL ACTION <br /> 1��7 Adopt a resolution establishing a procedure for determining Fair Market Value of Property for <br /> '18 cash payment in lieu of park dedication. <br /> '1 9 <br /> Prepared by: William J.Malinen,City Manager <br /> Attachments: A: City Attorney Memo <br /> B: Draft Resolution <br /> C: City Code Section <br /> Page 1 of 1 <br />