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Park Dedication Calculation <br /> Assumptions for Park Dedication <br /> 2.82, 1.80, and 1.58 Average Household size for City of Elk River(based on 2014 ACS Data) <br /> 0.03 Acres of park land per resident as identified by Parks and Rec Master Plan <br /> $ 16,855.00 Mean per acre value of low density residential land established by appraisal study <br /> $ 19,922.00 Mean per acre value of medium density residential land established by appraisal study <br /> $ 103,313.00 Mean per acre value of high density residential land established by appraisal study <br /> Land dedication required <br /> low density 2.82 x 0.03 = 0.0846 acres of land per residential unit <br /> med density 1.80 x 0.03 = 0.054 acres of land per residential unit <br /> high density 1.58 x 0.03 = 0.0474 acres of land per residential unit <br /> Cash dedication required <br /> low density 0.0846 x $ 16,855.00 = $ 1,425.93 cash dedication per residential unit <br /> med density 0.0540 x $ 19,922.00 = $ 1,075.79 cash dedication per residential unit <br /> high density 0.0474 x $ 103,313.00 = $ 4,897.04 cash dedication per residential unit <br />