10.4. SR 05-02-2016 - Laserfiche WebLink

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City of Elk River Land Analysis April 18, 2016 Page 5 r1,81111rnro Due to the differences in potential density and the corresponding values perceived by the market, the single-family, medium -density and high-density comparable land sales are presented on separate summary grids. The respective land sales are considered to have zoning and potential densities consistent with the corresponding residential zoning districts in Elk River as stated previously. Lands guided for residential development in the City of Elk River are identified on the City's 2030 Land Use map on the preceding page. As depicted on the City's land use map, the majority of the land available for development is located in the northeast portion of the City. PARK DEDICATION FEES The City of Elk River is reviewing its park dedication fee requirements applicable to new subdivisions to ensure consistency with the State's statute. The purpose of this memorandum is to aid in determining the need for updating the City's market value estimates of residential land. These land use market values are vital for establishing cash fees in lieu of park land dedication. Ci-nt" Ctnti rtA Minnesota Statutes 462.358, Subd. 2b. enables the City to require dedication of a portion of a subdivision to the public for parks, recreational facilities, playgrounds, trails, wetlands or open space. Minnesota Statutes 462.358, Subd. 2b. (c). further requires that there be an essential nexus between the dedication of land or payment of fees based upon the City's purpose for the dedication and that the dedication or fee must be roughly proportional to the need created by the development and, where fees are to be dedicated in lieu of land, that the fee be "based on the average fair market value of the un -platted land for which park fees have not already been paid." PATCHIN MESSNER DODD & BRUMM Valuation Counselors