In 2007 Copper Ridge Subdivision Second Filing was approved by Council.  With that approval, all of the developer's parkland dedication requirement was deeded to the City.  Currently the subdivider is working to develop the Copper Ridge 3rd Filing.  Due to the developers' desire to redesign the configuration of the 3rd Filing and the City's and homeowners' decreased desire for cul-de-sac island parks and linear parkland that is not part of the greater Billings area trail system, the subdivider has proposed to re-assume the parkland described in the attached Quitclaim Deed and map (see Exhibits A and B) as part of the salable lot area within Copper Ridge 3nd Filing.  

Selling the property  provides the City of Billings an opportunity to dispose of excess property and place it on the tax rolls.  PRPL recommends that the City revert ownership of these 5 parcels totaling .431 acres of park property to the subdivider following the City's Sale, disposal or lease of City Property policy.  This policy requires the subdivider to pay the fair market value of the vacated land in cash.  The subdivider has provided an appraisal by a 3rd party licensed appraiser and has arrived at a value of $672.32.  PRPL recommends the City re-convey these dedicated park lands to the subdivider in consideration of a cash payment for the appraised value.

The following alternatives were analyzed:  1. Proceed with the sale of the five properties to The Oakland Companies (subdivider) for the appraised value of $672.32.  2.  Do not approve the sale of the five properties.

The City will receive $672.32 as proceeds from the sale of these five properties.  The money will go to account number 7710-51650-376740 Sale of Parkland  and can be used for park improvements.   

Staff recommends proceeding with the sale of these five properties to the Oakland Companies for the appraised value of $672.32.