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potential would support an appraisal closer to the $600,000 asking price instead of the recent purchase <br /> price of $325,000. <br /> As anticipated, it was not possible to complete the engineering and appraisal work by the October 1st <br /> deadline set by the property owner. The property owner declined an extension stating he needed to <br /> continue with his development plans. The appraisal came in at $430,000 and the City sent a written <br /> offer to the property for that amount in late October. The property owner declined this offer. <br /> Subsequent oral discussions with agents of the property owner indicate they are may be open to the <br /> potential of our acquiring the stream corridors in the future. However, they wish to table these <br /> discussions until they can determine if or how selling the corridors may impact the development <br /> potential for the overall property. <br /> See the attached Exhibit `A' for a bulleted chronology of events regarding acquisition negotiations. <br /> RELATED CITY POLICIES <br /> Purchase of property in this area impacts three ongoing programs: <br /> o Stream Corridor Acquisition Program: Acquisition of the stream corridors within this parcel is <br /> consistent with the stream corridor acquisition program. The East Fork of the Amazon Creek <br /> Headwaters was listed in the October 2001 Stream Corridor Acquisition Study presented to <br /> Council. This site was listed as a Tier III site (#1 1). <br /> o Ridgeline Trail Acquisition Program: While not necessary for ridgeline trail connectivity, this <br /> parcel abuts property purchased for the Ridgeline Trail and would complement that acquisition. <br /> o Draft Goal 5 Inventory: Acquisition of the stream corridors within this parcel is consistent with <br /> the natural resources protection of the corridor as suggested within the draft goal 5 natural <br /> resources inventory (site E37 -M1). <br /> COUNCIL OPTIONS <br /> Information Update — no action recommended <br /> CITY MANAGER'S RECOMMENDATION <br /> Information Update — no action recommended <br /> SUGGESTED MOTION <br /> Information Update — no action recommended <br /> ATTACHMENTS <br /> Attachment A. — Chronology of acquisition efforts <br /> Attachment B. — Map of subject property in relation to other local City Park Property <br /> Attachment C. — Map of stream corridors on subject property <br />