HomeMy WebLinkAbout2006-06-12 NAC Memo to OPH Re Park DedicationMEMORANDUM
TO: Eric Johnson
FROM: Scott Richards
DATE: June 12, 2006
RE: Oak Park Heights — Oakgreen Village Park Dedication calculations
FILE NO: 798.02 -- 06.03
As per your request, I have calculated the park dedication requirements for the Oakgreen Village.
The site which is subject to park dedication is 17.68 acres, which includes all wetlands,
easements, and right -of -way areas in both phases of the Oakgreen Village development, as well
as the area described as Outlot A north of the Xcel power line easement. An appraisal was
completed in the Spring of 2006 by BRKW Appraisals, Inc. The market value of the and was
established at $3.63 per square foot.
Section 402.08.D specifies the formula for calculating cash park dedication. The density of
Phase 1 and Phase 2 — (not yet approved) combined of the Oakgreen Village development is 8.6
units per acre. As such, an equivalent cash value of 14 percent of the land or cash shall be
dedicated to the City. The calculation of park dedication is as follows:
17.68 acres (770,141 square feet) X $3.63 = $2,795,61 2.00 Total Market Value X 14%
$391,386,00, park dedication
As indicated, the total cash park dedication required for Oakgreen Village is $391,386.00 to be
paid as required by the development agreement.
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