DATE: December 22, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Mark Hilty, Assistant City Administrator - Public Works
Lisa Clayton, Parks Director
Paul Holzen, Director of Engineering/City Engineer
SUBJECT:
title
*Acknowledgement of Amendment 1 to City of Franklin Contract Number 2016-0098, the Parkland Acquisition Agreement with Crescent Lockwood, LLC
body
Purpose
The purpose of this memorandum is to report to the Franklin Board of Mayor and Aldermen (BOMA) a negotiated amendment to City of Franklin Contract Number 2016-0098, the Parkland Acquisition Agreement with Crescent Lockwood, LLC.
Background
On June 22, 2017, the Board of Mayor and Aldermen approved an agreement with Crescent Lockwood, LLC to acquire 76.99 acres of land for development of a future park to complement the approximately 188 acres owned by the City for potential development of a water reclamation facility and regional park, as discussed in the 2015 Comprehensive Parks Master Plan.
Since the approval of the agreement, the City has conducted a "due diligence review" of the property which identified two concerns. The primary concern, as discussed during the August 8, 2017 BOMA meeting, is the condition of the Robinson Lake dam. A secondary concern, which could be addressed during dam repairs, is the relatively shallow depth of Robinson Lake. Because of these findings, the BOMA approved Resolution 2017-58, to provide the City Administrator authority to negotiate certain terms of Contract 2016-0098.
In subsequent meetings with Crescent Lockwood, LLC, the parties have negotiated a reduced purchase price from $1,500,000 to a single payment of $500,000, which is budgeted in the Parkland Dedication Fund for FY18.
It is important to note that the City does anticipate expenditures to improve the dam and meet regulatory requirements as outlined in the study completed by CDM Smith. At the current dam classification, full mitigation of the dam de...
Click here for full text