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<br /> <br />ITEM 6.7.C <br /> <br />TO: MAYOR AND CITY COUNCIL <br />FROM: STEPHEN ROHLF, B & Z ADMINISTRATOR <br />DATE: MARCH 8, 1993 51< <br />SUBJECT: RAW LAND VALUE CREDITED FOR PARK <br /> DEDICATION <br /> <br />During final plat review of the plat of Heritage Landing, the <br />issue of how to credit land dedicated for park against park <br />dedication fees was raised. Staff is recommending the <br />documented purchase price of property be used to determine the <br />raw (undeveloped) land value. This will work in most cases <br />unless there is something out of the ordinary involved, such as <br />a land swap. <br /> <br />. <br /> <br />In the case of Heritage Landing, the developer paid $3,500 an <br />acre plus the trunk assessment of $3,771.50 per acre. Staff <br />considers the purchase price of the raw land included in <br />Heritage Landing be the previous 2 figures combined, or <br />$7,271.50 per acre. Staff recommends Heritage Landing be given <br />a credit of $5,342~00 for the approximately 3/4 of an acre of <br />land to be dedicated as trail to the City. This should not be <br />considered a forgiveness of assessments, rather, staff feels it <br />is legitimate that the trunk assessment placed on this land <br />raises the raw lanQ value by at least the equivalent dollar <br />amount. <br /> <br />. <br /> <br />720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />