Laserfiche WebLink
• b. Based on raw land value: 10% of the raw land <br /> included in a plat has been deemed reasonable for <br /> park dedication. If land is not dedicated, 10% <br /> of the raw land value could be required. <br /> Heritage Landing contains 35 acres . The raw land <br /> value per acre has been determined to be <br /> $7,271 .50 . 10% of the raw land value for the <br /> plat of Heritage Landing would be $25,450 .25. <br /> This approximately $5,000 less than the $400 . 00 <br /> per lot method. <br /> Previously, the City did require 10% of the raw <br /> land value for park dedication. This resulted in <br /> apartments, which have a high demand for park <br /> use, paying lower park dedication fees than <br /> single family homes . Staff definitely does not <br /> recommend going back to this method. <br /> 3 . Credit against park dedication fees for land <br /> dedicated: <br /> a. Based on raw land value: The raw land value for <br /> the land included in Heritage Landing was <br /> determined to be $7,271 .50 per acre. Heritage <br /> • Landing dedicated .73 acres of land as park. <br /> Multiplying these two numbers you come up with a <br /> $5,341.78 credit. This is the credit that <br /> Heritage Landing received. <br /> b. Based on percentage: An alternative method for <br /> calculating this credit is to figure out what <br /> percentage the land actually dedicated is of the <br /> maximum possible land dedication. For example: <br /> Heritage Landing contains 35 acres . 10%, or 3 .5 <br /> acres is the maximum possible land dedication. <br /> The .73 acres actually dedicated constitutes <br /> 20.86% of the maximum possible dedication. Using <br /> this method, Heritage Landing' s cash contribution <br /> to park dedication would be reduced by 20 . 86% for <br /> land dedicated, which is $6341.44 . This is the <br /> method Mr. Klaers explains in his memo and staff <br /> is recommending. <br /> • <br />