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PARK BOARD MEETING <br />September 5, 1990 <br />i"N There has been discussion at previous park board meetings to <br />investigate the possibilities of changing the cash park <br />dedication. The cash park dedication now stands at $400.00 <br />per lot. <br />Laura Elken surveyed several communities and it appears that* <br />we are not to far off - if we consider the cost of "raw <br />land". "Raw land" can be purchased now for between $6,000 to <br />$10,000 per acre - fair market land value.. Some time ago <br />Marty and Don met to -determine a fair method to be followed. <br />The method they came up with is as follows: <br />Land Cost/Acre X 10% of Subdivided Acreage - Park <br />($10, 000/acre minimum) (C�,�., �, �_') Dedication/ <br />Lot <br />EXAMPLE: Willow Ponds S } ter <br />27 Lots, 13 acres, - Land Cost is $10,000/acre. <br />$10,000 X 1.3 Acres (10%) <br />27 Lots = $481.48/Lot <br />This is using the 0 - 3 units/acre/l0% category of our <br />dedication policy. That is the figure that we would need per <br />lot to acquire comparable land to be used for parks. <br />The park board discussed this formula and discussed what <br />would happen if someone purchased the land 10 years ago at a <br />much cheaper price. There will have to be a base figure <br />used. With todays rate that base figure will probably stand <br />at $10,000 per acre of raw land. <br />The board also discussed what park dedication would be if it <br />were a minor subdivision of. Incorporated in the park <br />dedication formula will be a cost per lot amount. Based on <br />$10,000 per acre that cost per lot would be $481.48/lot. <br />Next month the park board will receive a draft park <br />dedication ordinance. <br />MOTION: Ken Johnson moved to direct staff to draft a park <br />dedication ordinance change based on the formula that was <br />presented to the park board. Candy Toffoli seconded the <br />motion and the motion was approved unanimously. <br />BRANDYWOOD DEVELOPMENT APPROVAL <br />The city council has approved the Brandywood Development. <br />Construction of the development is scheduled to start the <br />summer of 1991. <br />As a result of council approval, the park land previously <br />r Page 3 <br />