Parcel P as shown on the sketch plan is agreed to be reserved for acquisition by the city for public and park use and platted for inclusion within the Jordan Creek greenbelt upon development of adjoining properties within the PUD and shall generally encompass the floodway (overlay) district of Jordan Creek. Parcel P shall be acquired by the city upon development and platting of adjoining properties, and conveyed by the developer through a warranty deed, free and clear of any and all liens and encumbrances including all judgments, attachments, mechanics and other liens.
The value of the land to be purchased by the city for park use shall be established at the time of purchase of said property by the city and shall be based upon the property's current fair market value as undeveloped. If possible, the current fair market value shall be determined by mutual agreement between the city council and developer. If an agreement on the current fair market value cannot be mutually reached by the parties, such value shall be determined by the parties appointing a real estate appraiser with qualifications of an MAI with the cost of the appraisal being equally shared by the city and the developer. Any part of parcel P which the developer shall utilize for stormwater detention purposes as required by the city shall not be included as part of the cost to the city for purchase of the park site. (Ord. 837, 10-10-1987)