1232.10 TAX IN LIEU OF DEDICATION.

(a) Amount. In the event the Planning Commission determines that a subdivider or developer must pay a tax in lieu of land dedication, the amount of such tax shall be determined by the following formula:

Tax in lieu of land dedication = Amount of land which would otherwise be required to be dedicated (see Section 1232.08)

Fair market value per acre (see Section 1232.09(b))

(b) Total of Land and Payment. Excluding the park development tax, the total of any payment made by a subdivider or developer in land and taxes in lieu of dedication shall be no greater than the fair market value of the amount of land required to be dedicated pursuant to Section 1232.08 .

(Ord. 29-79. Passed 3-12-79; Ord. 20-80. Passed 1-28-80.)

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