Detroit Lakes' dilemma: take $135,000 now or hold out for $191,000
The city is trying to decide whether it would be more beneficial to get a park dedication fee upfront or if it would just be setting an unwanted precedence.
Richard and Lynn Petit owe $191,352 in park dedication fees for their development, Ridgewood Park, where values were estimated in 2005. The Pettits agreed to pay the city the park dedication fee over a 10-year period with 6 percent interest, which would figure out to about $30,000 a year.
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