(A) Where a development is small and the resulting site is too small to be practical or when the available land is inappropriate for park and recreational purposes or school site, the village shall require the subdivider or developer to pay a cash contribution in lieu of land dedication required.
(B) The cash contributions in lieu of park and recreation land dedication or school site dedication shall be held by the village and forwarded semi-annually (January 1 and July 1) to the school district or the park district, as appropriate, to be used in the acquisition or development of land for a park site or a school site or for the improvement to any existing park site or school site.
(1) Fair market value. The cash contribution 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 the improved land in and surrounding the village is $110,000 per acre and the figure shall be used in making any calculation herein unless the subdivider or developer files a written objection thereto. In the event of any such objection, the developer shall submit an appraisal showing the fair market value of the improved land in the area of his or her development or other evidence thereof and final determination of the fair market value per acre of improved land shall be made by the Village Board based upon the information submitted by the subdivider or developer and from other sources which may be submitted to the Village Board by the park district, school district or others.
(2) Criteria for requiring the 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:
(a) Only a portion of land to be developed is proposed as the location for a park or school site; and (The portion of 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.)
(b) 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 thereof shall be required.
(C) Contribution fees paid pursuant to this chapter shall be restricted to use solely and exclusively for paying the cost of public facilities and capital improvements, or for other improvements at the discretion of the Village Board, within the village, whether payment is made directly therefore, or as a pledge against bonds, revenue certificates, or other obligations of indebtedness.
(1981 Code, § 22.403) (Ord. 88-15, passed 11-7-1988; Am. Ord. 93-10, passed 10-4-1993; Am. Ord. 96-09, passed 3-18-1996; Am. Ord. 99-11, passed 4-19-1999; Am. Ord. 04-32, passed 9-20-2004; Am. Ord. 07-09, passed 3-19-2007)