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Regular City Council Meeting Monday, August 26, 2019 Page 6 written in such a way that the city is legally defining the lot and the payment amount and then the city would want this final plat resolution recorded against the property to make sure it is on the record that this fee is paid at the time a building permit is given. Doing that doesn't come without a little bit of risk that the city might not get paid. Mayor Roe noted the park dedication is by code tied to the platting process and not the building process. Ms. Gundlach indicated that was correct. She explained if the Council is interest- ed the language staff proposed would say "prior to issuance of any city permits for development of Lot 1, Block 1, Fairview Avenue Addition, a dedication of cash in lieu of park land shall be paid in the amount of$508,000." This is a sub- stantial park dedication fee and her understanding is that one this large has not come forth in quite a while, which is why the developer is asking for this consid- eration. She noted just recording this resolution puts future owners on notice that this fee needs to be paid before development and staff would also make sure the development agreement that is coming forward on September 16th very clearly states that if the developer wants TIF assistance, this fee has to be paid. Staff feels there are protections in place, but the Council should know this is not one hundred percent fail proof if something bad occurs and the developer walks away. City Attorney Gaughan explained the risk as he sees it is not necessarily between the city and this particular property owner. It arises if there is a subsequent owner who is not a party to that development who would want to contest this amount. That is where the elevated risk arises. There is going to be a risk due to dealing with the unknown. Councilmember Willmus asked, as a stipulation of the development agreement, could the development agreement be worded in such a way that this portion of the development agreement would run with the title to the property and would not be released until the park dedication is paid, whether the property transfers or not. He wondered if it could be done through a deed restriction. City Attorney Gaughan thought that could perhaps work. Ms. Gundlach indicated the city's EDA attorney was waiting to hear what the Council's decision is on Reuter Walton's request and then staff would work with the attorney on how to craft the language within the development agreement. Ob- viously, if it is in the development agreement the applicant has probably moved forward with the project and is going to pay the park dedication fees. However, the city would not release any TIF payments until the city has the full $508,000 because a building permit is not going to be released until the $508,000 is paid in full. The development agreement has a certificate of completion so once the de- veloper is finished with the property, the city signs off on it.