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<br /> . <br /> . CITY OF ARDEN HILLS <br /> ft MEMORANDUM <br /> DATE: October 8, 1997 <br /> . TO: Brian Fritsinger, City Administrator I tJ <br /> . FROM: Cindy S. 'Walsh, Parks and Recreation Director [~ <br /> SUBJECT: Revised Welsh Park Dedication (Phases II, III, & IV) <br /> . Backl.!round <br /> The City Council at their September 22 meeting directed me to work with representatives from <br /> . Welsh Companies to revise their park dedication requirement. Council direction was to subtract <br /> the wetland and the conservation easements from the total area before applying the 10% park <br /> . dedication requirement. <br /> Revised Calculation of Park Dedication <br /> . The following is a breakdown of the park dedication calculation with the subtraction of the <br /> wetland and conservation easements. You will also notice that the total square feet of property to <br /> be developed and the trail easement requirements have changed. HKS Associates, Inc. has given <br /> Ie the City three different figures for calculation purposes. The numbers presented here are final <br /> numbers as recorded by Ramsey County. <br /> I 1,244,222 sq. feet of area for development <br /> X $.8375 value per sq. ft. <br /> $1,042,035.93 = Current fair market value of the property <br /> . 44,651.41 Property required for the trail easement (20 feet) <br /> . 44,651.41 X .8375 = $37,395.56 Value of the trail easement <br /> . 1,244,222 sq. ft of area for development <br /> -135,070 Dedicated wetland <br /> - 55.155 Conservation easement <br /> I 1,053,997 sq. ft. for park dedication purposes <br /> 1,053,997 adjusted development area <br /> . X .8375 <br /> $882,722.49 adjusted development value <br /> X 10% Park dedication requirement <br /> . $88,272.25 Revised Park Dedication Fee <br /> .- <br /> . <br />