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<br /> E. Park Dedication, Sinee this subdivision results in the creation of two new <br /> residential lots, the park dedication fee applies. Section 1130.08 of the City <br />. Subdivision Code states that all subdivisions are required to dedicate a portion of <br /> their land for recrcation and conservation purposes. In lieu of the land dedication, <br /> the City Council may require the applicant to pay, as an equivalent contribution, <br /> an amount in cash equal to the percentage of the land rcquircd to be dedicated <br /> multiplied by the fair market value of the property at the time of the final approval <br /> of the subdivision. <br /> Should a fec be accepted in lieu of a land dedication, the park dedication fee <br /> would bc six pereent of the land value of thc propcrty at the time of final approval <br /> of the subdivision. <br /> Maximum Park Dedication Fee <br /> 2006 Market <br /> Land Value <br /> 1600 Lake Johanna $592,100 <br /> Park Dedication % 6% <br /> Maximum park $35,526 <br /> dedication fee: <br /> The $592, I 00 land value for 1600 Lake Johanna Blvd does reflcct a parcel that <br /> has 133 feet of lakeshore. The new lots will not be adjacent to the lake and, <br />. thcrefore, may have a lowcr land value. While this is not an official appraisal, the <br /> average cost per square foot for eight other properties in the same neighborhood <br /> that do not havc lake access and are one property olf of the lake is $4.24 per <br /> square fcct. <br /> Additionally, if a lot in a subdivision is already developed, it has also been <br /> common practice to not include the value of the already developed lot in <br /> detemlining the park dedication fee. <br /> Modified Park Dedication Fee <br /> Acres Sq. Ft. $/sa. ft. Est. 2006 Value <br /> Listed <br /> Market <br /> Value 1600 Lake Johanna Blvd 2.58 112.385 $ 5.27 $ 592,100 <br /> Est. Value Proposed Lot 1 0.75 32,670 $ 4.24* $ 138,521 <br /> . <br /> Est Value I Proposed Lot 2 0.78 33.977 $ 4.24' $ 144,062 <br /> Estimated Value of Proposed Lots 1 & 2 1.53 66.647 $ 4.24' $ 282,582 <br /> 6% Park Dedication Fee for Lots 1 & 2 $ 16,955 <br /> >-Not an appraised value. Based off the average value per square foot of the surrounding lots. <br /> City of Arden Hills <br /> Planning Commission Meetingfor September 6, 2006 <br />. IIMerro-inel.ldiardenhills\Planning'Plmming Cases12006W6.026 Boutin Preliminary Plat (PENDDVGjW83006 ~ PC Report - BourinprelimillmJ <br /> plat.dnc <br /> Page 7 of 10 <br />