DATE: February 17, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator - Community and Economic Development
Lisa Clayton, Parks Department Director
SUBJECT:
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Consideration Of A Three-Party Parkland Dedication Agreement Between The City Of Franklin, Harpeth Associates, LLC, And Friends Of Franklin Park For The Purpose Of Meeting The Parkland Dedication Obligation For The Proposed Harpeth Square Development. (02/24/15 WS)
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Purpose
The purpose of this memorandum is to provide the Board of Mayor and Alderman (BOMA) with information and a recommendation associated with the request made by Harpeth Associates, LCC to satisfy the parkland dedication requirement associated with the Harpeth Square Development proposed for downtown Franklin.
Background
During a recent meeting of the Franklin Municipal Planning Commission (FMPC), the Commission considered the Harpeth Square rezoning application and Development Plan. Included in the Commission's recommendation to the Board of Mayor and Aldermen was acceptance, in principal, of a .46 acre parcel located at 1416 Columbia Avenue that was part of the Battle of Franklin. In recent discussions this parcel has been referred to as the "Car Wash Property".
Based on the pending Harpeth Square Development Plan and proposed residential entitlements, the estimated Parkland Dedication fees-in-lieu obligation is $564,000. During the FMPC meeting and BOMA Worksession Mr. Rod Heller, who represents the developer of the Harpeth Square Development, Harpeth Associates, LLC, requested consideration of the City accepting the historic .46 acre "Car Wash Property" as partial satisfaction of the City's Parkland Dedication requirement. If the BOMA decides to accept the .46 acre parcel and, an immediate cash contribution of $237,500, Mr. Heller has offered to contribute an additional $326,500 (the value of the parcel) over a five (5) period to Friends of Franklin Park for use on improving Bi-Centennial Park.
Financial Impact
Should the BOMA choose to enter into a three-part parkland dedication agreement, the City would take title of the "Car Wash Property" with its value estimated to be $326,500, receive an immediate cash contribution of $237, 500, and over the next five (5) years, Mr. Heller has offered to contribute an additional $326, 500 (the value of the "Car Wash Property") to Friends of Franklin Park. The entire cash contribution ($564,000) would be designated for improvements to Bi-Centennial Park and greenways that physically connect BI-Centennial Park within the downtown neighborhood.
Even though City Staff initially recommended against the acceptance of a .46 parcel in part due to the cost associated with taking on long-term maintenance responsibilities, acceptance of Mr. Heller's proposal provides for a full cash contribution and acceptance of a historic parcel that is likely to become part of Franklin's treasured reclaimed historic Battle of Franklin battlefield.
Recommendation
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Based on the added value associated with this proposal staff recommends proceeding with finalizing a three-party parkland dedication agreement between the City of Franklin, Harpeth Associates, and Friends of Franklin Park as described in the memorandum.