03/05/2001 Park Board Packet - Laserfiche WebLink

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• • determine present land values for Lino Lakes, a review of land sales records (certificates of real estate) from the Anoka County Assessors Office for 2000 and 2001 was conducted. The land sales records revealed the following: 1. Raw land sales for property within the MUSA ranged from about $22,600 to $30,000 per acre with an average of $26,300 per acre for residential properties. 2. The land value identified at the time of preliminary plat (for the purpose of calculating park dedication), for Bluebill Acres and Highland Meadows ranged from $23,164 to $26,023 dollars per acre. 3. Vacant lot sales within the developments of Cedar Creek 3rd Addition, Behm's Century Farm 5th Addition and Highland Meadows West ranged from $40,942 to $45,706 per lot with an average vacant lot sales price of $42,995 dollars. For the purpose of estimating future land costs to acquire the parkland identified by the Comprehensive Park and Trail Plan, the figure of $28,000 per acre was used. This figure approximates the average sales price of raw land within the MUSA for the City of Lino Lakes. RESIDENTIAL PARK DEDICATION ANALYSIS Exhibit D "Lino Lakes — Park Trail Facilities Chart" identifies the park sites pursuant to the 1992 Comprehensive Park and Trail Plan. The name and address of each park including existing and future acres, facilities and values are also identified. City Staff provided the list of facilities and corresponding costs. Trail values were determined based upon a rate of $15.00 per lineal foot for park and transportation trails and $1.00 per lineal foot for bike trails. The existing City park and trail system is valued at about $6,471,816 dollars. To complete the system per the Comprehensive Park and Trail Plan, an additional $14,362,583 of land, facilities and trails will be needed. The $14,362,583 dollar future system cost includes costs to improve the new community athletic complex with the premium level package estimated at $6,965,373 dollars. Table 5 illustrates the value of the existing and proposed park system identified above. Table 5 PARK SYSTEM VALUE BASED ON CITY COMPREHENSIVE PLAN Total Park System Value Value of Existing Park Facilities % of Total Value /Cost of Future Park Facilities % of Total $22,909,399 $8,964,566 39% $13,944,833 61% Part of the park system analysis included a land use review to determine the service areas for the existing parks and to identify the proportion of existing and future development that will impact the system. Many of the existing parks are located in areas of the community where future development will occur and as such, a proportion of the park infrastructure should be borne by new development. In fully developed areas, improvements to existing parks should be borne by current residents within the 9 of 14