HomeMy WebLinkAboutItem 05
M e
To:
From:
Date:
Subject:
The City
relative t
summary
The aver
involving
The City
contemp
adjusted
establish
TPC repo
e mor
Mayo
Denni
Octob
Park D
Council, at
to the curre
y findings of
age number
g 160 acres w
H
Av
Lo
Council com
porary land
based on
hed at 12%.
ort.
r and
r and Counc
s Feller, Fina
ber 14, 2014
Dedication Fe
t the Septe
ent market
7 land trans
Hi
Av
Me
Lo
r of single fa
which have a
igh
verage (Me
ow
Numbe
mmissioned T
use facts a
the TPC re
Park Dedic
d u m
cil
nce Director
ees
mber 28 w
values of v
sactions for
gh
verage (Mea
edian
ow
Market V
amily units p
also received
T
A
1
ean)1
er of Resi
TPC in 2012
and fundam
eport. Sin
cation fees w
1
m
r
ork session,
acant land
a total of 56
$
an) $
$
$
Value Pe r
per acre is 2.
d final plattin
Total #
Acres U
14.6 4
160.1 33
4.6 8
dential U
to develop
mentals. Pa
gle family
were also re
, directed s
based on la
65.6 acres ar
78,655
65,001
64,925
49,156
r Acre
1 based on
ng approval
# of
Units
40.0
38.0
8.0
Units per a
a park dedi
rk dedicatio
land require
duced by 38
Cit
Finance
staff to prov
and sale tra
re as follows
four of the l
by the City
Units
Acre
2.7
2.1
1.7
acre
ication fee a
on land req
ements, for
8% in 2012 a
ty of Lakev
e Departm
vide inform
ansactions.
s:
land transac
Council
analysis base
quirements
r example,
as a result o
ville
ment
ation
The
ctions
ed on
were
were
of the
2
Due the economic conditions and lack of reliable fair market value information on land sales,
the council chose in 2012 and 2013 to base any annual adjustments in park dedication fees on
the annual adjustments in Assessed Valuation as determined by the Dakota County Assessor’s
Office. As such the 2014 Park Dedication Fees were reduced by another 2% for a total
reduction of 40% since 2012.
At the September 28 City Council work session, the Parks and Recreation Director
recommended to the City Council increase the 2015 Park Dedication Fees 9.2% ‐ consistent
with the past practices established by the City Council ‐ based on the values established Dakota
County Assessor. The following are the proposed 2015 Park Dedication Fees:
Proposed
2015
Park
Dedication
Fee Increase
Single family 3,781$ 319$
Townhouse 2,572$ 217$
Multifamily 1,952$ 164$
Assuming an average of 2.1 dwelling units per acre as shown above, the proposed 2015 park
dedication fees will generate approximately $7,940 of revenue per acre. For the average
development, the fee represents 12% of the market value – which is consistent with the land
requirements approved in by the City Council in 2012 as a result of the TPC study.
Market
Value
Per Acre
Park
Fee/Acre
% of
price
per Acre
High 78,655$ 7,940$ 10%
Average 65,001$ 7,940$ 12%
Median 64,925$ 7,940$ 12%
Low 49,156$ 7,940$ 16%
3
2014 Land Transactions
Parcel Sale Date Seller Current Owner Sale Price # Acres
Market
Value
per Acre
22‐01600‐01‐010 4/21/2014 Premier Bank
Mattamy
Minneapolis
Ptnsp.
6,323,900$ 80.4 78,655
22‐01500‐26‐023 4/21/2014 Premier Bank
Mattamy
Minneapolis
Ptnsp.
2,380,600$ 30.8 77,292
22‐02700‐26‐010 4/21/2014 Premier Bank
Mattamy
Minneapolis
Ptnsp.
5,888,300$ 79.8 73,797
Legacy Aug‐14 D R Horton Inc.
Minnesota
Shamrock
Development 5,100,000$ 76.0 67,079
Silvarum 12/2/2013 Zita K. Fritz
Estate
Encore
Development
LLC
300,000$ 4.6 65,217
Summerlyn 4/1/2014 Shamrock
Development
U.S. Home
Corporation 4,217,500$ 65.0 64,925
22‐01700‐80‐011 5/5/2014 L & B Schweich
Properties
Shamrock
Development 3,229,817$ 54.8 58,949
Kyla Crossing 3/11/2014 Richard E. Cross
CNC
Development
LLC
844,500$ 14.6 58,041
TBD 2015 Joanne Berres Bart Winkler 1,160,000$ 20.0 58,000
22‐02800‐75‐050 4/21/2014 Premier Bank
Mattamy
Minneapolis
Ptnsp.
3,400,900$ 60.0 56,729
22‐02700‐25‐010 4/21/2014 Premier Bank
Mattamy
Minneapolis
Ptnsp.
3,920,200$ 79.8 49,156