09/05/1990 Park Board Packet - Laserfiche WebLink

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PARK BOARD MEETING September 5, 1990 There has been discussion at previous park board meetings to investigate the possibilities of changing the cash park dedication. The cash park dedication now stands at $400. 00 per lot. Laura Elken surveyed several communities and it appears that we are not to far off - if we consider the cost of "raw land" . "raw land" can be purchased now for between $6, 000 to $10,000 per acre - fair market land value. Some time ago Marty and Don met to determine a fair method to be followed. The method they came up with is as follows: Land Cost/Acre X 10% of Subdivided Acreage = Park ($10,000/acre minimum) Dedication/ Lot EXAMPLE: Willow Ponds 27 Lots, 13 acres, - Land Cost is $10, 000/acre. $10, 000 X 1. 3 Acres (10%) 27 Lots = $481.48/Lot This is using the 0 - 3 units/acre/10% category of our dedication policy. That is the figure that we would need per lot to acquire comparable land to be used for parks. The park board discussed this formula and discussed what would happen if someone purchased the land 10 years ago at a much cheaper price. There will have to be a base figure used. With todays rate that base figure will probably stand at $10,000 per acre of raw land. The board also discussed what park dedication would be if it were a minor subdivision of. Incorporated in the park dedication formula will be a cost per lot amount. Based on $10, 000 per acre that cost per lot would be $481.48/lot. Next month the park board will receive a draft park dedication ordinance. MOTION: Ken Johnson moved to direct staff to draft a park dedication ordinance change based on the formula that was presented to the park board. Candy Toffoli seconded the motion and the motion was approved unanimously. BRANDYWOOD DEVELOPMENT APPROVAL The city council has approved the Brandywood Development. Construction of the development is scheduled to start the summer of 1991. As a result of council approval, the park land previously Page 3