(A) The City Council may accept a cash payment from the applicant in lieu of land dedication.
(B) Contributions of cash payments in lieu of land dedication shall be placed in a special fund which shall be held and used by the city to acquire land for, or to improve, parks, recreational facilities, playgrounds, trails, or public open space. Cash payments shall not be used for ongoing operation or maintenance activities.
(C) The cash contribution shall be required with all final plat fees.
(D) Cash contributions shall be paid according to the city’s adopted fee schedule.
(1) If there is a dispute regarding the amount of the proposed cash contribution in lieu of the land dedication, then the applicant may, at their own expense, obtain an appraisal of the property to establish the fair market value of the land. The appraisal shall be completed by an approved member of the Appraisal Institute (MAI), or equivalent real estate society.
(2) If the city disputes an appraisal provided by the applicant, the city may, at the applicant’s expense, obtain an appraisal of the property by an approved member of the MAI, or equivalent real estate society.
(Ord. 2023-02, passed 5-9-23)