The City Council approved the Ironwood Subdivision Fourth Filing  in 2006.  With that approval, all of the developer's parkland dedication requirement was deeded to the City.  Currently the subdivider is working to develop the Ironwood 5th Filing.  Due to the developers' desire to redesign the configuration of the 5th Filing and the City's and homeowners' desire to consolidate linear parkland,  the subdivider has proposed to re-assume the parkland described in the attached Quitclaim Deed and map(see Exhibit A and B) as part of the salable lot area within Ironwood 5th 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 the these parcels totaling 2.19 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 and/or parkland improvements.  The subdivider has provided an appraisal by a 3rd party licensed appraiser and has arrived at a value of $49,703.60.  PRPL recommends the City re-convey these dedicated park lands to the subdivider in consideration of a cash payment for the appraised value.  See Resolution attached.

       

The following alternatives were analyzed:  1. Proceed with the sale of these properties to Regal Land Development, Inc. (subdivider) for the appraised value of $49,703.60.  2.  Do not approve the sale of these properties.

The City will receive $49,703.60 as proceeds from the sale of these properties.  The money will go to account number 7710-51650-376740 Sale of Parkland.  Staff recommends proceeds be used for the development of Cottonwood Park.   

Staff recommends proceeding with the sale of these properties to Regal Land Development, Inc.  for the appraised value of $49,703.60.