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r--(,/ --"\. <br /> •ityof <br /> ( x <br /> \O <br /> Elk • <br /> River <br /> Development Scenario 2- R1 a <br /> Assuming 40 acres, 14 - 2.5 acre lots (14 lots) ($8,000/acre) <br /> Cost of 40 acres of raw land $ 320,000 <br /> Development cost per lot (costs can vary): <br /> Closing costs $ 50 <br /> Special assessments <br /> Engineering <br /> Park fees $ 650 <br /> Grading <br /> Electric <br /> III Septic Insallation Fee $ 60 <br /> Surface water management $ 69 <br /> Plat fees $ 36 <br /> Carrying Costs $ 250 <br /> $ 40,000 <br /> Profit/lot (30-40% for bank financing) $ 5,000 <br /> Average market value of developed 2.5 acre lot $ 45,000 <br /> Property value 10% land dedication (40x8,000x.10) $ 32,000 <br /> Market Value of 10% land developed (14x45000x.10) $ 63,000 <br /> 14 lots <br /> Park dedication at 650/unit $ 9,100 <br /> Park dedication at 1,100/unit $ 15,400 <br /> Park dedication at 1,250/unit $ 17,500 <br /> Park dedication at 4,500/unit $ 63,000 <br /> • <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612)441-7420 • Fax: (612)441-7425 <br />