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2024 Park Dedication Calculations <br />Assumptions <br />2.82, 1.80, and 1.58 Average Household size for City of Elk River <br />0.03 Acres of park land per residentd as identified by the Parks and Rec Master Plan <br />$ 36,238.00 Mean per acre value of low density residential land <br />$ 77,912.00 Mean per acre value of inedium density residential land <br />$ 125,430.00 Mean per acre value of high density residential land <br />Land dedication requirement <br />Class HH Size Park/Res. Land Dedication Requirement <br />Low Density 2.82 x 0.03 = 0.0846 acres of land per residential unit <br />Med. Density 1.8 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 />Class Land Req Land Value Cash Dedication Requirement <br />Low Density 0.0846 x $ 36,238.00 = $ 3,065.73 cash dedication per residential unit <br />Med. Density 0.054 x $ 77,912.00 = $ 4,207.25 cash dedication per residential unit <br />High Density 0.0474 x $ 125,430.00 = $ 5,945.38 cash dedication per residential unit <br />