(A)   Impact donations required.
      (1)   The subdivider, builder or developer shall be required to designate 10% of the gross area of the platted subdivision or development as “reserved for public use” or “open space”, or at the sole option of the Village Board, make a contribution as determined by the Village Board. This contribution shall be paid to the village at the time of application for a building permit and shall be based upon ten percent of the lot area for which the permit is sought.
      (2)   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 “reserved for public use”. It has been determined that the present “fair market value” of the improved land in and surrounding the village is $20,000 per acre for industrially-zoned subdivisions or developments. The figure shall be used in making any calculation herein unless the subdivider, builder or developer files a written objection thereto.
   (B)   Objection.
      (1)   In the event of any such objection, the subdivider, builder or developer shall submit an appraisal showing the “fair market value” of the improved land in the area of his or her subdivision or development or other evidence thereof and final determination of the “fair market value” per acre of the improved land shall be made by the Village Board.
      (2)   Further, full compliance shall be made with provisions of the School Site Contribution Ordinance, the Park and Recreational Site Contribution Ordinance, the Library Contribution Ordinance, and/or cash contributions in lieu thereof and the ordinances are specifically not rescinded by the provisions of this section and the provisions thereof shall remain in full force and effect, anything in this section to the contrary notwithstanding.
      (3)   The location of the area shall be referred to the Plan Commission for approval, and the area shall be appropriately marked on the plat prior to approval of the plat.
(Ord. 577, passed 4-12-1999)