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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, State of Minnesota, was held on the 12th day of December, 2011 at 6:00 p.m. The following members were present: Johnson, Willmus, McGehee, Pust and Roe. The following members were absent: none. Council Member Willmus introduced the following resolution and moved its adoption: RESOLUTION NO. 10956 A RESOLUTION ESTABLISHING A PROCEDURE FOR DETERMINING FAIR MARKET VALUE OF PROPERTY FOR CASH PAYMENT IN LIEU OF PARK DEDICATION WHEREAS, the City Council has previously adopted City Code Section 1103.07 which provides for payment of cash in lieu of dedication of land for use as a park in all zones in the City where park land dedication is deemed inappropriate by the Park and Recreation Commission, the sum of which shall be reviewed and determined annually by the City Council by resolution; and WHEREAS, pursuant to City Code Section 314.051 the City Council has established that park dedication in non-residential areas is to be based upon the fair market value of the property; and WHEREAS, the City Council desires to establish a procedure for determining the fair market value of property to be used in determining the fair market value of land for the purposes of Park Dedication Fees; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ROSEVILLE, MINNESOTA: 1. That the "fair market value" of the land for which payment in lieu of park land dedication is to be made pursuant to Sections 1103.07 and 314.051 of the Roseville City Code shall be equal to the Estimated Market Value of such land as most recently determined by the Ramsey County Assessor to the date of the approval of the plat or subdivision. The motion for the adoption of the foregoing resolutions was duly seconded by Council Member Johnson, and upon vote being taken thereon the following voted in favor thereof: Johnson, Willmus, McGehee, Pust and Roe and the following voted against the same: none, WHEREUPON said resolution was declared duly passed and adopted on the 12th day of December, 2011.