Title
MOTION TO APPROVE THE MUNICIPAL DEDICATION AGREEMENT TO THE SKYRISE TOWNHOMES PLAT.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Section 154.36 (A) of the City Code of Ordinance requires a 6% municipal dedication to the City upon platting land.
2. The Skyrise Townhomes re-plat is being heard concurrently at tonight's meeting (Proposed Resolution 2023-R-03). The subject property is generally located south of Pines Boulevard and west of Southwest 184 Avenue.
3. As part of the proposed re-plat, the use of the property is changing from commercial to residential; $300,277 represents 6% of the value of the land being platted.
4. The proposed municipal dedication agreement replaces a previously approved agreement (2005) for the property (Skyrise Plaza plat). The previous municipal dedication agreement was approved for $84,000, but the developer never constructed the project, so the funds were not provided to the City.
5. Under the updated agreement, the entire dedication shall be paid to the City at the issuance of the first building permit for development on the property.
6. The contract purchaser, Lennar, will execute the attached municipal dedication agreement upon closing on the property.
7. The municipal dedication agreement, rezoning ( Proposed Ord 2023-03), and re-plat (Proposed Resolution 2023-R-23) are being heard concurrently on tonight's agenda.
8. Administration recommends approval of attached municipal dedication agreement.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: No cost to the City. The City will receive $300,277 upon closing.
b) Amount budgeted for this item in Account No: Not Applicable.
c) Source of funding for difference, if not fully budgeted: Not Applicable.
d) 5 year projection of the operational cost of the project : Not Applicable.
e) Detail of additional staff requirements: Not Applicable.
FEASIBILITY REVIEW:
A feasibility review...
Click here for full text