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City of <br />Elk* <br />River <br />Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />9.5 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Work Session <br />July 20, 2020 <br />Zack Carlton, Planning Manager <br />Item Description <br />Reviewed by <br />Park Dedication Fees <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Review the results of the land valuation study and discuss updates to the Park Dedication Fee. <br />Background/Discussion <br />Earlier this year, the City Council directed staff to complete a residential land appraisal study for use in <br />evaluating and updating the current Park Dedication Fee. The appraisal study was completed in June and the <br />results generally show an increase in the park dedication fee. <br />One of the hopes for the appraisal study had been to further break down the high -density fee into different <br />unit or dwelling unit/acre categories to reduce the fee for the high -density category. Due to the limited <br />number of sales and the ultimate densities of those projects it will be difficult to adjust for smaller apartment <br />buildings and achieve the goal of reducing the fee. <br />Staff will present options for calculating the per -unit fee during the work session and will look for direction <br />on the update to the fee schedule. <br />Financial Impact <br />A change to the Park Dedication Fee will likely increase park dedication revenue. <br />Attachments <br />■ Draft Appraisal Study received June 12, 2020 <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional,` 01 e <br />service, and community engagement that encourages and inspires pi ospei ly INAMIRE1 <br />