(A) Amount of fee.
(1) Where fees are required to be paid in lieu of land dedication, such fees shall be based on the current market value of land in that subdivision as determined by an appraisal acceptable to the Plan Commission or by agreement at the time of the preliminary plan approval.
(2) The amount of such fees shall be a sum equal to the fair market value of the amount of land which would otherwise be required for dedication according to the foregoing formula.
(3) In the case of a combination of fee payment and land dedication, the amount of fee shall represent a sum equal to the fair market value of that land portion which remains after the acreage of dedicated land is deducted from the total acreage requirement which has been determined by the Plan Commission.
(B) Content of appraisal. If the subdivider objects to the appraisal, he or she may, at his or her expense, obtain an appraisal of the property by a qualified real estate appraiser which may be accepted by the Plan Commission if found reasonable.
(C) Use of fees for smaller subdivisions.
(1) Dedication of land for park or recreational purposes may not be required in subdivisions containing 20 parcels or less, but payment of fees in lieu thereof may be required.
(2) Fees shall be applied to acquisition of park and recreational facilities in the city.
(Prior Code, § 154.100) (Ord. 1978-6, passed 4-4-1978)