(A) Criteria For Requiring Cash Contributions: When the development is small and the resulting site is too small to be practical, when the available land is inappropriate for park and recreational purposes or a school site, or when existing local park and recreation land or an existing school site already serves the immediate or future needs of children from that development, the city shall require the subdivider or developer to pay a cash contribution in lieu of the land dedication required.
(B) Expenditures Of Cash Contributions In Lieu Of Park Sites: The cash contributions in lieu of park and recreation land dedication shall be held in trust by the city, or other public body designated by the city, solely for the acquisition of park and recreation land as hereinbefore classified, which will be available to serve the immediate or future needs of the residents of that subdivision or development or for the improvement of other existing local park and recreation land which already serves such needs. In support of the receipt and expenditure of such contributions, the public body receiving cash contributions in lieu of park sites shall submit a comprehensive plan to the city showing existing and planned park sites which serve the immediate or future needs of the residents of the future subdivisions or developments in the city or within the city's subdivision jurisdiction.
(C) Expenditures Of Cash Contributions In Lieu Of School Sites: The cash contributions in lieu of school sites shall be held in trust by the city, or other public body designated by the city, solely for use in the acquisition of land for a school site to serve the immediate or future needs of children from that subdivision or development, for the improvement to any existing school site which already serves such needs, or to reimburse the cost previously incurred for the acquisition or improvement of an existing school site which already serves such needs, but not for the construction of any school buildings or additions thereto or reimbursement of the cost thereof. In support of the receipt and expenditure of such contributions, the public body receiving such contributions in lieu of school sites shall submit a comprehensive plan to the city showing existing and planned school sites which serve the immediate or future needs of the residents of the future subdivisions or developments in the city or within the city's subdivision jurisdiction.
(D) Accounting For Cash In Lieu Of Land Contributions: Each public body receiving cash in lieu of land contributions for the purposes set forth herein shall account to the city on an annual basis as to the receipt and disposition of such funds by submitting an annual report from the public body's auditor showing, as to each development making contributions hereunder, the receipt of trust funds, the distribution of trust funds, the purpose for which trust funds were used or distributed and the fund balance of all trust funds received under this chapter.
(E) Refund Of Cash In Lieu Of Land Contributions: If any portion of a cash contribution in lieu of park and recreation land dedication, or cash contribution in lieu of school site dedication is not expended for the purposes set forth herein within ten (10) years from the original date of receipt of such contribution, the public body holding such contribution shall refund such contribution to the owners of record of all lots, except lots dedicated pursuant to the provisions of this section, in the subdivision for which such contribution was made not later than eleven (11) years after the original date of receipt of the contribution. The refund shall be paid to the person who is the owner of record on the day which is the tenth anniversary of the receipt of such contribution. The amount of the refund due to each lot owner shall be equal to the amount of the original contribution, together with accrued interest thereon, divided by the total number of lots in the subdivision (excluding only those lots which were dedicated pursuant to this section) for which such contribution was made. For the purpose of refunds under this chapter, "accrued interest" shall be calculated based upon the passbook rate of interest prevailing from time to time at the city's main depository bank. (Ord. 0-56-87, 12-7-1987)
(F) Fair Market Value: The cash contributions in lieu of land shall be based on the fair market value of the acres of land in the area, improved as specified herein, that otherwise would have been dedicated as park and recreation and school sites. It has been determined that the present fair market value of such improved land in and surrounding the city is one hundred sixty six thousand five hundred dollars ($166,500.00) per acre and such figure shall be used in making any calculation herein unless the subdivider, developer or benefiting public body files a written objection thereto. In the event of any such objection the objector shall submit an appraisal showing the fair market value of such improved land in the area of such development or other evidence thereof and final determination of said fair market value per acre of such improved land shall be made by the city council based upon such information submitted by the objector or which may be obtained from other sources and submitted to the city council by other interested persons or entities. The dollar amount set forth herein shall be reviewed every three (3) years to determine whether said dollar amount shall be amended to reflect the then current fair market value of said improved land. (Ord. 0-14-07, 4-2-2007)
(G) Timing Of Cash Contributions: Cash contributions in lieu of land shall be paid after approval of the final plat of subdivision or planned unit development, but before such plat is recorded with the DuPage County recorder of deeds.
(H) Criteria For Requiring Dedication And A Fee: There will be situations in subdivisions or planned unit developments when a combination of land dedication and a contribution in lieu of land are both necessary. These occasions will arise when:
1. Only a portion of the land proposed as the location for a park or school site falls within the subdivision. That portion of the land within the subdivision falling within the park or school location shall be dedicated as a site as aforesaid, and a cash contribution in lieu thereof shall be required for any additional land that would have to be dedicated;
2. A major part of the local park or recreation site or school site has already been acquired and only a small portion of land is needed from the development to complete the site. The remaining portions shall be required by dedication, and a cash contribution in lieu of land shall be required for any additional land that would have to be dedicated. (Ord. 0-56-87, 12-7-1987)