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Revitalization Commission <br />Minutes <br />October 13, 2014 <br />Page 4 of 7 <br />Ms. Tasker said the timeline is: once approved, closing will take place on <br />October 28, 2014. Document will be signed by the City the week of October <br />20th. Day of signing will have a $750,000 advance. <br />Any additional advances will wait for final approval on phase 2, then additional <br />advances can be made. Additional advances will be an administrative process. <br />These bonds are tax exempt. <br />A motion was made by Commissioner Menaker to approve Resolutionl4 -03. <br />The motion was seconded by Commissioner Lathrop. <br />Motion was approved unanimously. <br />b. Land Compensation Agreement with City: <br />Approximately 60,000 sf of land is needed from the City to construct a detention <br />pond to accommodate the Core Project Areas stormwater detention <br />requirements. The City expects compensation for the land used for the detention <br />facility. <br />Attorney Light is working on a form of agreement between the LRC and City to <br />compensate the City for the land. <br />Staff estimated the value to be $3 /sf. City Council requested an appraisal. The <br />land was appraised by Bill Graff. The land has no access and is next to waste <br />water treatment. Mr. Graff factored in those issues and made adjustments and <br />came up with value of $1.80 /sf <br />In draft agreement is $1.80 /sf value. <br />LRC will provide payment when certain items are received: <br />• An approved PUD <br />• Approved construction plans <br />• An effective LRC budget <br />• LRC has received funding - $350,000 needs to be received from TIF <br />before we encumber the property <br />Chair Becker asked who owns this property and describe compensation? <br />DeJong said the City owns the land and will continue to own after compensation <br />is made. Core project area agreement does not fully fund the costs of the <br />regional detention; LRC has to commit to funding the difference. Third party <br />appraisal was conducted and came up with a value. Mr.Graff took market value <br />of industrial land and backed out costs associated with making the parcel <br />accessible and have access to utilities. <br />5 <br />