(A) In accordance with the provisions of M.S. § 462.358, as it may be amended from time to time, the subdivider shall dedicate, to the public, lands for highway rights-of-way, street rights-of-way, utility easements, wetland easements and similar lands required for perpetual and public improvements.
(B) In addition, for every new subdivision of land involving three or more lots which are to be developed for residential purposes, the Planning Commission, with the concurrence of the City Council, shall require a payment to the city, in lieu of a land dedication for conservation purposes or for public use as parks, recreational facilities, playgrounds, trails, wetlands or open space, of a sum not to exceed 10% of the fair market value of the land to be subdivided. The fair market value of the land to be subdivided shall be the value as determined by the County Assessor at the time of final plat approval by the City Council. The amount of the payment shall be set by the Planning Commission, with the concurrence of the City Council, after taking into consideration the open space, park, recreational or common areas and facilities which the applicant proposes to reserve for public use within the subdivision. Funds received by the city, in lieu of land dedication, shall be placed in a special fund in accordance with M.S. § 462.358, subd. 2b, as it may be amended from time to time.
(C) All dedications shall be included in the dedicated portion of the plat, included in the development contract, or received by the city in warranty deed prior to the approval of the final plat, without further restrictions or reservations.
(Ord. 332, passed 5-19-2008)