06/04/1990 Park Board Packet - Laserfiche WebLink

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Page 2 ( Cont . ) proximity to the urban area. The commercial and industrial property values are currently determined on a land dedication of 6 percent of the total area being required for commercial and industrial property. Using this figure , the prices that were in place for the past two years for commercial/industrial property were based ' on the. urban area of the City having an average land value of S43 ,-000 per acre or $1 . per sq. ft . which would require a cash contribution of S2 , 178 . The Commercial/industrial area in the south is based on S•3 , 504 . per acre or $425 . per acre . CURRENT * LAND VALUES . During the past three months staff has been reviewing the existing park dedication fees to determine the average value of land within the City. A number of issues have been studied including :. I . Land sale records on file at the Dakota County :assessor ' s Office . 2 . Appraisals of existing parcels were analyzed . 3 . An independent appraiser was retained to assist staff . 4 . Three staff meetings were held with the City ttorney, Chamber of Commerce and. local developers to ascertain their opinion . As a result o= t _s - _ 7,.e __.1 _C _.'.g ^e:'al statE:;:�:,ts Can be made : 1 . • The value of severed residential land is increasing at .a ..91 taster :ate than the other three areas 2 : The value of unsewered residential land has increased at a moderate rate . 3 . The value of commercial property in the northern area of the CiLI._? - extremely Variable . Staff discovered recent sales ran-in-, from S-'. . 60 per sq. ft . to . 60 per sq . ft . depending upon the area that comparables were reviewed . 4 • Commercial and industrial land values in the Pine Send are- have remained static in recent % ears . As a result of this study staff recommends the folloti:in 131,d values and fees to be charged for the 1939-91 Pnrlc Ordinance .