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Section 3. Cash in Lieu of Land Fee.The City of Pequot Lakes will use the following formula <br /> to calculate the total cash in lieu of land (park dedication) fee required for new residential <br /> development within the City: <br /> Number of Units Y Number of People Y Park <br /> in Subdivision X Per Household X Per Resident Fee Dedication <br /> Fee <br /> [Units] X [PPH] X [Fee] = Park Dedication Fee <br /> Where: <br /> [Units] = Number of units in the proposed subdivision <br /> [PPH] = Number of people per household, as determined by the U.S. Census <br /> Bureau or Minnesota State Demographer's Office,whichever is timelier <br /> [Fee] = The per resident fee contained in Section 9.1o,Subdivision 2(a) <br /> Section 3. Persons per Household. The City of Pequot Lakes will review Section 9.io of the <br /> Land Use Ordinance on an annual basis at the beginning of each calendar year to update the <br /> Persons per Household Value. The City will use the most updated value provided by either the <br /> U.S. Census Bureau or the Minnesota State Demographer's Office. <br /> Section 4. Per Resident Fee. The Per Resident Fee is calculated by using the following <br /> formula: <br /> [ULV] X[Share] = Per Resident Fee <br /> Where: <br /> [ULV] = The value of all undeveloped land within the City <br /> [Share] The per capit hare of parkland, which equal to the City's total <br /> parkland goal b cres per i000 residents)tlus any existing shortfall in <br /> existing parklan <br /> The City of Pequot Lakes will review Section 9.io of the Land Use Ordinance on an annual basis <br /> at the beginning of each calendar year to update the Per Resident Fee.The City will use the most <br /> updated Undeveloped Land Values as provided by the Crow Wing County Assessor's Office. <br /> City of Pequot Lakes Staff Report 3-2 <br /> July 19,2007 <br />