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ELK RIVER PARKS & <br />RECREATION MASTER PLAN <br />Cash in Lieu Dedication <br />» Currently <br />$3,71 Z per residential unit <br />■ $7,444 per commercial acre <br />• $2,485 per industrial acre <br />D Historically established by <br />comparing to surrounding <br />communities -then updated <br />using inflation adjustment <br />» Minnesota Statutes -Cash <br />fee must be based on the <br />average fair market value of the <br />unplatted land no later than at <br />the time of final approval <br />