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The concept being proposed by the surrounding land owners is an "equal value" <br /> land trade, based on an independent MAI land appraisal, which would basically <br /> give the land owners two - thirds of the City site and provide the City with <br /> more developable and valuable land fronting on Golden Garden Avenue. The <br /> advantage to the City is that it would keep a portion of the pond and gain <br /> flat land more usable for park development. It would also achieve the public <br /> golf course objective without cost to the taxpayers. <br /> The major obstacle to a land trade appears to be the deed restriction relat- <br /> ing use of the land solely as a public park. It is improbable that a private <br /> developer could obtain financing with this restriction in place. City attor- <br /> neys have suggested that solutions to this situation could be either the <br /> removal of the restriction by the County Board through a quit claim process <br /> or clarification of the Board intent to include development of a public golf <br /> course by a private party as within the scope of your intended restrictions. <br /> ACTION: At this point .I am seeking yourtin formal)reaction to the change in <br /> deed restrictions. If the Board does not appear to substantial objec- <br /> tions, we will move forward with a formal request in the near future. I will <br /> be contacting each of you in the near future to answer any question you might <br /> have. <br />