10-28-1991 Council Packet - Laserfiche WebLink

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if k , I & NZNUTI8 OF THE FIOULAR ORONO COUNCXL MEETXNQ - OCTOBER 14, 1991 #1573 - CONT. Callahan asked when the market value Is established for the property. Barrett noted that It Is established at the timv of preliminary subdivision approval. Callahan noted that the Council could table final approval until the applicant Indicates she is ready for approval. Barrett noted that If the time Is extended, the value is then established from that extended time. Mabusth questioned whether the applicant could legally sell the property with only preliminary approval. Barrett explained that she could accept a purchase agreement but the closing would be predicated on the final plat being filed. Flint noted that the Park Commission originally felt the valuation should be calculated at the time of the sale as one would then know what the property sold for, but In reviewing several other cities, they all calculate as Orono now does. Kelly asked how this would affect her mortgage application. Mabusth suggested that the application be tabled to give the applicant time to research the implications with the mortgage company. Kelly noted she would still like the subdivision approved, and payment of the park fee bo duo upon the sale of the property. The Council reiterated that they legally cannot do that. Mayor Peterson explained to the applicant that she would have the right to extend the deadline for filing of the plat, but the valuation would then be recalculated. Xt was moved by Mayor Peterson, seconded by Jabbour, to table application #1573 for Carol Kelly and James Massey, requesting final plat approval and special consideration of park dedication payment for property located at 3020 and 3030 Casco Point Road, to give the applicant time to research the implications of final subdivision approval. Ayes 4, nays 0.