(A) Where, with respect to a particular subdivision, the reservation of land required pursuant to this section does not equal the percentage of total land required to be reserved in § 158.199 of this chapter, the Planning and Zoning Commission shall require, prior to final approval of the subdivision plat, that the applicant deposit with the City Council a cash payment in lieu of land reservation. Such deposit shall be placed in the Park Reserve Account. Such deposit shall be used by the city for improvement of a neighborhood park, playground or other recreation area, including the acquisition of property. Such deposit must be used for facilities that will be actually available to and benefit the persons in the community.
(B) The Planning and Zoning Commission shall determine the amount to be deposited based on the following formula: the dollar amount in the table in § 158.199 of this chapter (as determined by lot size) multiplied by the number of times the total developable area of the subdivision is divisible by the most predominant lot size throughout the proposed subdivision (in square feet), less a credit for the amount of land actually reserved for recreation purposes, if any, as the land reserved bears in proportion to the land required for reservation in § 158.199, but not including any land reserved through density zoning. In the case of multi-family dwelling units, the payment shall be the larger of the amount of the preceding formula or the number of dwelling units multiplied by $200, less a credit for the amount of land actually reserved for recreation purposes.
(Prior Code, § Q-12-1108) (Ord. 854, passed - -)