05/29/2001 Council Packet - Laserfiche WebLink

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• MAY -24 -2001 11:16 NAC 612 595 9837 F.11/1,5 Ordinance 01 -06, Park Dedication page 3 Subdivision 10. All and proposed for trail and/or bikeway dedication shall be subject to the recommendations of the Park Board and approval of the City Council. Subdivision 11. The City may elect at its sole discretion to receive a combination of cash, land, and development of the land for park and/or trail use. Combined park land and cash dedications shall be calculated based upon the following: 1. At the time of subdivision, a yield plan will be prepared demonstrating the total number of units/lots possible within the development without a park. This figure is then multiplied by the residential per unit park dedication charge (established by City Council Resolution). The result of this calculation is equal to the total cash value of the park dedication for the residential project. The formula is outlined as follows: a. Buildable Acres (less wetlands, right -of -way, waterbodies etc.) x Average Density = Number of Units/Lots. b. Number of Units/Lots x Residential Unit Cash Charge = Total Cash Contribution for the Subdivision. • 2. Land Value Determination. The value of the land dedication is determined based upon the following formula: a. Total Land Dedication Acres x Land Value = Total Land Value 3. To determine the combined land and cash dedication requirement, the following formula should be used: a. Total Cash Contribution for Subdivision — Land Value for Park Land = Balance of Cash Contribution. Subdivision 12. Planned unit developments with mixed land uses shall make cash and /or land contributions in accordance with this Section based upon the percentage of land devoted to the various uses. Subdivision 13. Park cash contributions are to be calculated and established based on land value at time of final plat. Cash dedications shall be included in the development agreement and paid prior to the City's signature of and release of the final plat. For subdivisions that do not require a development agreement, the cash dedication shall be paid before the City releases the signed approval of the subdivision for recording. •