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� <br />October 13, 2023 <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />ATCHIl� MESSNER <br />vA�uAT�o� cou�sE�oRs <br />Attn: Mr. Zacl< Carlton <br />Community Development Director <br />RE: Residential Land Valuation Study <br />Dear Mr. Carlton: <br />As requested, Patchin Messner Valuation Counselors is submitting the following proposal for <br />consultation services related to an updated residential land valuation study. <br />The purpose of the study is to establish fair marl<et value for three residential land classes, in <br />order to set the city's parl< dedication fees for residential uses. The land classes are based on the <br />following densities: <br />Low — less than 5 dwelling units per acre <br />Medium — 5 to 8 dwelling units per acre <br />High — greater than 8 dwelling units per acre; inc�uding small apartment (50 <br />units or less), mid-size apartment (51 to 100 units), and large <br />apartment (100+ units) <br />Patchin Messner Valuation Counselors will conduct research and analyze residential land sales <br />in EII< River and surrounding communities in order to arrive at an indication of average market <br />values for un-platted land in the City of Elk River. This consultation is not intended to be an <br />appraisal of any particular property within the City of Elk River. Rather, the function of this <br />memorandum is to provide guidance to the city in determining appropriate park dedication fees. <br />The following data and information pertaining to the review of parl< dedication fees will be <br />examined. <br />• City of Elk River zoning and land use information <br />• Minnesota Statute 462.358 Subd. 2b. regarding parl< dedication fees <br />• Investigate comparable residential land sales <br />• Complete statistical analysis on observed market-transacted sale prices <br />Sunset Pond Executive Offices • 13961 West Preserve Boulevard • Burnsville, MN 55337 <br />Phone: (952) 895-1205 • F�: (952) 895-1521 <br />