Where the 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 a school site, the village shall require the subdivider or developer to pay a cash contribution in lieu of land dedication required. The cash contribution shall be held by the village to be used solely for the acquisition of park and recreational land as hereinbefore classified to serve the immediate or future needs of the residents of that subdivision or developments, or the improvement of other existing local parks and recreational land which already serves such need. The cash contributions in lieu of school sites shall be collected by the village and forwarded semiannually (January 1 and July 1) to the school district to be used solely for the use in the acquisition of land for a school site to serve immediate or future needs of children from that subdivision or development, or for the improvement to any existing school site which already serves such needs, but not for the construction of any school buildings or additions thereto.
A. Fair Market Value: 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" of such improved land in and surrounding the village is thirty nine thousand dollars ($39,000.00) per acre and such 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 such improved land in the area of his development or other evidence thereof and final determination of said "fair market value" per acre of such improved land shall be made by the village board 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, school district or others.
B. 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:
1. Only a portion of the land to be developed is proposed as the location for a park or school site. That portion of the 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.
2. 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. (Ord. 610, 4-9-2001)