9.5 SR 07-20-2020City of
Elk*
River
Request for Action
To
Item Number
Mayor and City Council
9.5
Agenda Section
Meeting Date
Prepared by
Work Session
July 20, 2020
Zack Carlton, Planning Manager
Item Description
Reviewed by
Park Dedication Fees
Cal Portner, City Administrator
Reviewed by
Action Requested
Review the results of the land valuation study and discuss updates to the Park Dedication Fee.
Background/Discussion
Earlier this year, the City Council directed staff to complete a residential land appraisal study for use in
evaluating and updating the current Park Dedication Fee. The appraisal study was completed in June and the
results generally show an increase in the park dedication fee.
One of the hopes for the appraisal study had been to further break down the high -density fee into different
unit or dwelling unit/acre categories to reduce the fee for the high -density category. Due to the limited
number of sales and the ultimate densities of those projects it will be difficult to adjust for smaller apartment
buildings and achieve the goal of reducing the fee.
Staff will present options for calculating the per -unit fee during the work session and will look for direction
on the update to the fee schedule.
Financial Impact
A change to the Park Dedication Fee will likely increase park dedication revenue.
Attachments
■ Draft Appraisal Study received June 12, 2020
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional,` 01 e
service, and community engagement that encourages and inspires pi ospei ly INAMIRE1
MEMORANDUM
To: Mr. Zack Carlton, City of Elk River
From: Jason L. Messner, MAI, and Randy J. Deones
Date: June 12, 2020
Subject: Average fair market value of un-platted residential land
At your request, this memorandum is intended to summarize our research and analysis of
residential land sales proximate to Elk River in order to arrive at an indication of average
market values for un-platted residential land in the City of Elk River. It is noted that this
consultation is not intended to be an appraisal of any particular property within the City of Elk
River. Rather, the function of this memorandum is to provide guidance to the City in
determining appropriate park dedication fees.
SCOPE OF WORK
The following data and information pertaining to the review of park dedication fees have
been examined. I
• Reviewed City of Elk River zoning and land use information
• Reviewed Minnesota Statute 462.358 Subd. 2b. regarding park dedication fees
• Investigated comparable high -density, medium -density and single-family residential
land sales
• Completed statistical analysis on observed market -transacted sale prices
22014 -City of Elk River
Land Analysis
June 12, 2020
Page 2
ZONING
Single-family residential development in the City of Elk River is allowed within the R1a-Rid
residential zoning districts. However, the R1 a and R1 b zoning districts allow single family
residential development without public utilities. Alternatively, the R1c and R1d Districts are
intended for land that is, or will be, served by municipal sanitary sewer, storm sewer and
municipal water. Potential density in these areas is expected to be less than four units per
acre. The land sales summarized on the following single-family residential sales grid are
considered to have zoning and potential uses consistent with the R1 c and R1 d zoning districts.
Alternatively, medium -density residential development in the City of Elk River is allowed
within the R2 and R3 zoning districts. These districts are categorized as the Two Family
Residential District and the Townhouse/Multiple Family Residential District, respectively.
Development densities for these districts are expected to range from four to seven units per
acre. The land sales summarized on the following medium -density residential sales grid are
considered to have zoning and potential uses consistent with R2 and R3 zoning districts.
Lastly, high -density residential development in the City of Elk River is allowed in the R4 and
PUD zoning districts. These districts generally comprise the high -density residential category,
which includes multi -family development such as apartments and senior housing, with
densities over seven units per acre. The land sales summarized on the following high -density
residential sales grid are considered to have zoning and potential density similar to the R4 and
PUD zoning districts.
Due to the differences in potential density and the corresponding values perceived by the
market, the single-family, medium -density and high -density comparable land sales are
presented on separate summary grids. The respective land sales are considered to have zoning
and potential densities consistent with the corresponding residential zoning districts in Elk
River as stated previously.
Lands guided for residential development in the City of Elk River are identified on the City's
Land Use map on the following page. As depicted on the City's land use map, the majority
of the land available for development is located in the eastern portion of the City.
PATCHER MESSNER
Valuation Counselors
22014 -City of Elk River
Land Analysis
June 12, 2020
Page 3
PATCHER MESSNER
Valuation Counselors
22014 -City of Elk River
Land Analysis
June 12, 2020
Page 4
PATCHER MESSNER
Valuation Counselors
22014 -City of Elk River
Land Analysis
June 12, 2020
Page 5
PARK DEDICATION FEES
The City of Elk River is reviewing its park dedication fee requirements applicable to new
subdivisions to ensure consistency with the State's statute. The purpose of this memorandum
is to aid in determining the need for updating the City's market value estimates of residential
land. These land use market values are vital for establishing cash fees in lieu of park land
dedication.
I;tatP ltatIItP
Minnesota Statutes 462.358, Subd. 2b. enables the City to require dedication of a portion of
a subdivision to the public for parks, recreational facilities, playgrounds, trails, wetlands or
open space. Minnesota Statutes 462.358, Subd. 2b. (c). further requires that there be an
essential nexus between the dedication of land or payment of fees based upon the City's
purpose for the dedication and that the dedication or fee must be roughly proportional to the
need created by the development and, where fees are to be dedicated in lieu of land, that the
fee be "based on the average fair market value of the un platted land for which park fees have
not already been paid."
DEVELOPMENT LAND SALES
The purpose of this consultation was to investigate land sales in order to develop average fair
market values of residential development land in the City of Elk River. The average market
value is necessary for the City of Elk River to complete their review of park dedication fees
and determine if modification of the current fee structure is needed. The sales comparison
approach is the preferred, and most common, technique for developing a market value
estimate for land. Typically, the sales comparison approach compares vacant land sales to
value a particular property. However, in this case, there is no specific subject property. As
such, no adjustments are made to the comparable sales.
PATCHER MESSNER
Valuation Counselors
22014 -City of Elk River
Land Analysis
June 12, 2020
Page 6
DEVELOPMENT LAND SALES
In general, the sales selected for analysis are un-platted land, or land defined as outlots
reserved forfuture development. However, in some cases, previously platted land is included
that was replatted for a higher density use. As a group, the comparable sales are expected to
indicate a range of unit values established by informed buyers and sellers in the marketplace.
The average market value can then be utilized as a reasonable estimation of average fair
market values for land in Elk River, thereby meeting the guidelines of Minnesota statute.
Sales of land in Sherburne County and surrounding areas were researched using the eCRV
database, Northstar Multiple Listing Service and the REDIComps database. Information has
been sought on recent sales of parcels that are similar in terms of potential use consistent with
the residential zoning categories within the City of Elk River. The search for development
land sales focused on un-platted land and outlots in outer -ring suburban areas that closed
after February 2016.
It is noted that the regional market has a limited number of recent sales of medium -density
residential land for analysis. Townhome developments have experienced limited demand
since the 2008 housing recession. While townhome units are gradually being absorbed by
the market, developers have so far been hesitant to produce more of this property type.
The unit of comparison used for each of these property types is price per acre. The sales used
in this analysis are presented on location maps, followed by summary grids, and statistical
analysis.
PATCHER MESSNER
Valuation Counselors
22014 -City of Elk River
Land Analysis
June 12, 2020
Page 7
IVA
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Valuation Counselors
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Land Analysis
June 12, 2020
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22014 -City of Elk River
Land Analysis
June 12, 2020
Page 13
SUMMARY OF FINDINGS
It is important to note that the comparable sales have not been adjusted to a specific subject
property and not all of the comparable sales presented herein have been verified.
Based on our investigation, unit sale prices for single-family, medium -density and high -
density residential land proximate to Elk River are summarized as follows:
Single -Family Residential Land
Range: $8,450 to $84,444 per Acre
Median: $41,000 per Acre
Mean: $42,223 per Acre
(Average 40.62 Acres with a
Density of 2.5 Units per Acre)
Excluding Outliers Sales 1, 7, 13, 15
Range:
Median:
Mean:
(Average 32.15 Acres with a
Density of 2.4 Units per Acre)
$14,052 to $75,758 per Acre
$41,000 per Acre
$41,164 per Acre
Medium -Density Residential Land
Range: $1 1,689 to $124,598 per Acre
Median: $57,681 per Acre
Mean: $65,367 per Acre
(Average 16.44 Acres with a
Density of 7.1 Units per Acre)
Excluding Outliers Sales 5 and 6
Range:
Median:
Mean:
(Average 17.25 Acres with a
Density of 6.5 Units per Acre)
$24,503 to $1 17,283 per Acre
$57,681 per Acre
$64,750 per Acre
PATCHER MESSNER
Valuation Counselors
22014 -City of Elk River
Land Analysis
June 12, 2020
Page 14
SUMMARY OF FINDINGS
High -Density Residential Land
Range:
Median:
Mean:
(Average 4.82 Acres with a
Denisty of 23.1 Units per Acre)
Excluding Outliers 7 and 8
Range:
Median:
Mean:
(Average 5.19 Acres with a
Density of 21.5 Units per Acre)
$45,558 to $294,872 per Acre
$146,497 per Acre
$158,729 per Acre
$62,396 to $258,900
$146,497
$15 6, 640
PATCHER MESSNER
Valuation Counselors