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Increased demand on system <br />Park Dedication Calculation <br />Assumptions for Park Dedic ' n <br />2.82, 1.80, and 1.58 verage Household size for City of Elk River (based on 2014 ACS Data) <br />0.03 cres of park land per resident as identified by Parks and Rec Master Plan <br />$ 16,85S.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 <br />2.82 <br />x <br />0.03 <br />= 0.0846 <br />acres of land per residential unit <br />med density <br />1.80 <br />x <br />0.03 <br />= 0.054 <br />acres of land per residential unit <br />high density <br />1.58 <br />x <br />0.03 <br />= 0.0474 <br />acres of land per residential unit <br />Cash dedication required <br />low density <br />0.0846 <br />x <br />$ 16,855.00 <br />= $ 1,425.93 <br />cash dedication per residential unit <br />med density <br />0.0540 <br />x <br />$ 19,922.00 <br />= $ 1,075.79 <br />cash dedication per residential unit <br />high density <br />0.0474 <br />x <br />$ 103,313.00 <br />= $ 4,897.04 <br />cash dedication per residential unit <br />Previous rate $3,712/unit <br />