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Item 11ACity of Southlake, Texas M E M O R A N D U M January 11, 2006 TO: Shana Yelverton, City Manager FROM: Greg Last, Director of Economic Development Discuss design elements and opinion of probable costs for the public park SUBJECT: proposed within the Shops of Southlake development. ______________________________________________________________________________ Action Requested: Discuss various design elements and associated costs of the proposed public park in order to provide direction to the developer and staff to enable final design and cost estimation for the park improvements. Background Information: The Shops of Southlake is a development by Cencor Realty Services of approximately 230,000 sf of retail which includes a 65,100 sf Central Market specialty grocer. The primary anchor, Central Market, has been the most often requested single retailer during my tenure at Southlake. The Shops development concept reflects attentiveness to design and complimentary characteristics to the renowned Southlake Town Square development. The City Council has expressed an interest in working with the developer to create a landmark feature and amenity area within the development and together have identified an area for a potential public park. Negotiations have lead to a variety of economic programs which will be included in a Chapter 380 Agreement considered at your Feb. 7, 2006 meeting. Following is a summary of the Park related issues: A.On September 12, 2005, Park Board recommended acceptance of approximately 32,402 sf of land as a public park, tentatively named Central Park (pending Park Board recommendation and Council approval). B.Waiver of the Park Dedication Fee in the amount of $34,800. C.Participation with the developer in the development of the Central Park amenity and landmark fountain feature with the following qualifications: The City will participate in the cost of “Park Improvements” at a o ratio of 3:1 ($3 City for each $1 Developer) not to exceed a total City cost of six hundred thousand dollars ($600,000). Eligible costs for participation are inclusive of consultant “soft o costs” not in excess of one hundred thousand dollars ($100,000). Final approval of the Central Park amenities and landmark feature o subject to approval by City Council. Developer shall up front the costs of constructing all o improvements. The City of Southlake shall reimburse the developer as noted o above upon completion and acceptance of the improvements. Execution of a “Declaration of Easements and Covenants” o regarding various aspects of Central Park to include (maintenance of a view corridor to Central Market and provisions regarding parking capacity) Financial Considerations: Depending on the final tenant selections for this development, it is estimated that the Shops of Southlake will generate over $1M per year in total tax revenues to the City. The Developer and staff will prepare a financial summary of various aspects of the Park for presentation at the meeting. Citizen Input/ Board Review: The Southlake Parks and Recreation Board on September 12, 2005 recommended approval of the dedication of 32,402 sf of land as a public park as shown on the concept plan for the Shops of Southlake development. Legal Review: The City Attorney’s office has been involved in the negotiation and writing of the future Chapter 380 agreement including this Park issue. Alternatives: Supporting Documents: The following items will be provided at the meeting.  Design plan for the Park  Design aspects of the proposed feature fountain  Opinion of probable costs for all park improvements Staff Recommendation: Discuss various aspects of the proposed public park.