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MEMORANDUM <br />To: Mr. Zack Carlton, City of Elk River <br />From: Jason L. Messner, MAI, CRE, and Jason Oberhamer, MAI <br />Date: November 22, 2023 <br />Subject: Average fair market value of un-platted residential land <br />At your request, this memorandum is intended to summarize our research and analysis of <br />residential land sales proximate to Elk River in order to arrive at an indication of average <br />market values for un-platted residential land in the City of Elk River. It is noted that this <br />consultation is not intended to be an appraisal of any particular property within the City of Elk <br />River. Rather, the function of this memorandum is to provide guidance to the City in <br />determining appropriate park dedication fees. <br />� � <br />SCOPE OF WORK � <br />The following data and information pertaining to the review of park dedication fees have <br />been examined. <br />• Reviewed City of Elk River zoning and land use information <br />• Reviewed Minnesota Statute 462.358 Subd. 2b. regarding park dedication fees <br />• Investigated comparable high-density, medium-density and single-family residential <br />land sales <br />• Completed statistical analysis on observed market-transacted sale prices <br />