(A) Criteria for requiring a contribution in lieu of park sites. The village shall require the subdivider or developer to pay a cash contribution in lieu of or in combination with the land dedication required when so determined by the park district that would be the recipient of the land, subject to final village approval. The cash contributions in lieu of park and recreation land dedication shall be held in trust by the relevant park district, 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. Improvement under this section shall be liberally construed and shall include, but shall not be limited to, the development of: parking lots; sidewalks; traffic signals; arterial streets; collector streets; internal roadways; connections with sewer, water and electrical lines; and streetlights, playgrounds; recreation grounds; athletic fields; and other recreational facilities. Improvement shall also include excavation and site preparation, and the purchase of any material goods or equipment necessary to the development and construction. Improvement shall further include the construction of buildings and additions to existing park buildings. If any improvement provided for herein shall require voter referendum approval under existing statutory authority before such funds may be lawfully expended, then and in those cases such approval shall be first obtained. If any portion of a cash contribution in lieu of park and recreation land dedication, is not expended for the purposes set forth herein within 20 years from the date of receipt, it shall be refunded 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. The refund shall be paid to the person who is the owner of record on the day which is the twentieth 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. The payment of any refunds shall be calculated, approved and disbursed exclusively by the park district. The Village of Frankfort shall not be liable for any refund payments.
(B) Fair market value.
(1) 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 for park district contributions of such improved land shall be:
(a) Frankfort Park District has established an acre value of $130,000 per acre for park sites, but in no event less than the amount currently in use for determining contributions in lieu of school sites for Frankfort Community Consolidated School District 157-C, Will County, Illinois.
(b) Frankfort Square Park District has established an acre value of $70,000 per acre for park sites.
(2) Such figures 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 such improved land in the area of his or her development or other evidence thereof and final determination of based upon such information submitted by the subdivider or developer and from other sources which may be submitted to the Village Board by the park district or others.
(Ord. 2265, passed 2-21-06)