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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 AC5 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 />