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May 16, 2016 City Council - Park Dedication - 5/12/2016 <br />Staff recommends that for consistency across different types of development patterns the City <br />maintain a parkland dedication rate that is on a per unit basis. To determine a land dedication per <br />housing unit rate, the number of acres per person needs to be multiplied by an assumed number of <br />people per household. The 2010 Census established the City of Elk River's persons per household to <br />be 2.79 persons per household. Multiplying 0.03 acres per person by 2.79 persons per household <br />yields a rate of 0.0837 acres of parkland per housing unit. This rate can then be multiplied by the <br />estimated value per acre established in the appraisal study to create a cash in lieu of land dedication <br />rate of $1,410.76 for low density, $1,667.47 for medium density, and $9,627 for high density. While <br />this may be lower than the current rate, it is important to remember that as the residential market <br />changes, this rate could be adjusted through an updated apprais100al study. <br />K <br />