(A) The fair market value of the land to be dedicated shall be determined by the city based upon a written appraisal report provided by the developer and prepared and signed by an appraiser acceptable to the city. The appraisal shall be paid for by the developer.
(B) The date of the appraisal shall be no more than six months prior to the payment of the fee. If more than six months has elapsed from the date of the appraisal to the time of payment of the fee, the city may require preparation of an updated appraisal. The subdivider shall pay for the cost of any such updated appraisal.
(C) For the purposes of this subchapter, fair market value shall be determined based upon the assumption that the tentative map or tentative parcel map is approved and in accordance with acceptable standards of the real estate appraisal profession.
(Ord. 1242, passed 9-15-04)