There may 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 may arise when:
(A) Only a portion of the land to be developed is proposed as the location for a school site and that portion of the land within the subdivision falling within the school location shall be dedicated as a site as aforesaid, and a cash contribution shall be required in lieu of any additional land that was required to be dedicated;
(B) A major part of the 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 equal to the difference between the fair market value of the land donated and the fair market value of the land to be donated; or
(C) An affected school district makes a determination that a combination of land and cash in lieu of land is in the district’s best interest and such district provides a written request to the Corporate Authorities to that effect, which the Corporate Authorities approve. The combination of dedicated land and cash in lieu of land shall be in proportion to the amount the developer is required to provide in accordance with this chapter.
(Ord. 2172, passed 7-5-05; Am. Ord. 2265, passed 2-21-06)