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L UIR iill OTILI-1901 IL Ile] NAT VI%wow., MIM <br />Potential Methods to Consider <br />Metkod <br />Overview <br />M <br />ros <br />Cons <br />Set based on <br />Use the fees set by other <br />* Easy to implement <br />* May not be reflective of real estate <br />neighboring <br />communities as the basis for the <br />* Ensures the City is <br />market <br />communities <br />fee in Elk River <br />competitive <br />* Potential for legal challenge as does <br />not meet state statute requirements <br />County <br />Use estimated market value of the <br />* Easy to identify <br />* Lags behind marketplace so may <br />Assessors <br />land for fee collection <br />* Generally accepted method <br />collect too much or too little <br />Value <br />Appraisal <br />Hire an appraisal firm to conduct <br />* More accurate to market <br />* Study estimated to cost $5,000 to <br />Study <br />a study evaluating the average <br />conditions <br />$15,000 depending on the number of <br />market value of vacant properties <br />* Established fee that <br />classes and firm selected <br />by class. The study would take <br />developers can be certain of <br />* Potential for market lag depending on <br />about 2 to 3 months to complete <br />the frequency that City conducts study <br />and could be paid for from park <br />dedication. This would be used to <br />set the fee amounts. <br />Require <br />Require that the developer submit <br />* Establishes fee at exact land <br />* Adds time to development process <br />appraisal <br />an appraisal as part of the final <br />value <br />* Additional cost for developer — one <br />at time of <br />platting process. Fee collection <br />* Reflects each unique <br />firm estimated an appraisal to cost <br />development <br />would then be based on that value. <br />situation <br />$2,500+ for commercial/multi-family <br />projects <br />