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�, <br />Elk s �- <br />River <br />Request for Action <br />To Item Number <br />Ma ror and Cinr Council 10.1 <br />Agenda Section Meeting Date Prepared by <br />WoYk Session DecembeY 18, 2023 Zack Carlton, Communittr Develo ment DirectoY <br />Item Description Reviewed by <br />Park Dedication Fees oe Stremcha, Assistant Ci r Administrator <br />Reviewed by <br />Cal Pormer, City Administrator <br />Action Requested <br />Revie`v the results of the land valuation study and discuss updates to the Park Dedication Fee. <br />Background/Discussion <br />Earlier this �Tear, the CityT Council authorized staff to complete a residential land appraisal stud�T for use in evaluating <br />and updating the cityT's Park Dedication Fee. The appraisal studyT was completed in early December. Inserting the <br />updated land valuations into the cityT's park dedication formula shows an increase to the fee. <br />The Cityr Council last updated the park dedication fee in 2016 and modified the fee from a flat $3,712 peY <br />residential unit across all densities. The update established a tiered structure for different residential land densities. <br />The 2016 PaYk Dedication Fee and the updated fee, based on the Yecent appraisal studyr, are shown below. The <br />appraisal stud�T and park dedication calculations are attached. <br />Cash Dedication per Residential Unit <br />Density Current Proposed <br />Low Density (<4 DU/acre) $ 1,425.93 $ 3,065.73 <br />Medium Density (4 to <7 DU/acre) $ 1,075.79 $ 4,207.25 <br />High Density (> 7 DU/acre) $ 4,897.04 $ 5,945.38 <br />Financial Impact <br />Increasing the fee to reflect the increased value of developable residential properties will fund the inflationaryT <br />growth of the cit�T's park improvements, which are a result of the growth in the communityT. <br />Mission/Policy/Goal <br />Create a robust network of park and recreation facilities to serve the Yesidents. <br />Attachments <br />■ Draft Appraisal StudyT <br />■ Park Dedication Fee Calculations <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />rowEREo ar <br />�I'1 ���� <br />Update�l• January 2023 <br />