(a) A developer may, upon written request to the Park Board, designate on his tentative plat as submitted to the City Planning Commission an area to be transferred to the City by warranty deed at the rate of five percent (5%) of the gross acreage of development to be used for additional park land or open space (not less than one-half (½) acre). Upon request, the Park Board meeting jointly with the Planning Commission shall make a recommendation to the Legislative Authority to either accept or reject the alternative to fees. Upon passage of the resolution by Council, the land will be accepted in lieu of fees, with the transfer occurring before approval of the final plat by the Planning Commission. Under no conditions may the land transferred be of less value to the City than that which would have been derived by using the assessment formula as set forth in Section 1114.03.
(b) A developer may, upon written request and approval of City Council, transfer to a Chartered Home Owners' Association to the dedication of said land to be used for a park or open space land.
(Ord. 17-03. Passed 7-1-03.)