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The formula creates a strong link between additional residents, the city’s plans for future parks, and <br />residential land valuations. However, the jump in value of the per-unit rate for the high density residential <br />land classes was surprising. The three values should not be the same as residents of higher density <br />developments (apartments) have a larger impact to the parks system since they do not have yards to <br />recreate in, and the value of the land is higher. If land dedication was required for a high density <br />development, the monetary value of that acre of park land would be greater than one acre in a single- <br />family development, so the per unit rate should be higher. <br /> <br />With that said, staff continues to research two components to the formula outlined above; 1) 2.79 is the <br />average household size for all of Elk River, is there a breakdown of that average that can be applied to <br />each density, apartments typically have a lower household size than single-family homes, and 2) what is <br />the best “average” to use for each land class? Staff will provide updated information and recommended <br />adjustments during the work session. <br /> <br />Financial Impact <br /> <br />If the park dedication cash rates described above hold, the estimated park dedication collected over the <br />next 20 years will be $11 million. <br /> <br />Attachments <br /> <br /> <br /> <br />HKGi Memo dated May 12, 2016 <br /> <br />