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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Requested By: <br /> <br /> <br />Appropriation <br /> <br />Agenda Date Requested: June 11 2007 <br /> <br />ce of Funds: <br /> <br />Department: <br /> <br />Parks & Recreation <br /> <br />Acc't Number: <br /> <br />N/A <br /> <br />Report: _Resolution: _Ordinance: -L <br /> <br />Amount Budgeted: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Ordinance <br />Agreement <br /> <br />Requested: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Bud eted Item: <br /> <br />YES <br /> <br />NO <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br />As was discussed with City Council previously, the developer of the property adjacent to the City owned <br />West Side Park property, Tri-City Holdings, L.P., has agreed to more forward with an agreement with the City of La <br />Porte. The agreement calls for the purchase of detention credits from the City that will be provided during the design <br />of the lake amenity for the proposed park. The developer also has agreed to deed up to 1.5 acres of land to the city to <br />increase the size of the detention lake at the site. The city will then give the developer a letter for tax purposes for the <br />value of the donated land <br />Staff has researched the market value of the detention credits and arrived at a figure of <br />$11,000 per acre foot of detention. The property will require 11.86 acre feet of detention which equals <br />$130,460, to be paid to the City of La Porte in 4 equal installments over the next year. The Tri-City <br />Holdings, L.P. architect will work with the City's architect to incorporate the additional acreage into <br />the park project that is to be donated to the City as a part of this agreement. The detention credit fees <br />can then be applied to the funds for design and construction of the new park. <br />Staff recommends approval of an Ordinance approving and authorizing an agreement between the <br />City of La Porte and Tri-City Holdings, L.P. to convey land and funding to the City of La Porte in exchange <br />for services provided according to the terms of the agreement. <br /> <br />Action Required by Council: <br />Consider an Ordinance approving and authorizing an agreement between the City of La Porte and <br />Tri-City Holdings, L.P., for conveyance of land and payment of detention credits to the City of La Porte for <br />floodwater detention purposes and provision of services to Tri-City Holdings, L.P. according to the terms of <br />the agreement. <br /> <br /> <br />6i!1 <br />(D e <br />