(A) Where the development is small and the resulting site is too small to be practical or when the available land is inappropriate for a school site, the village, with the recommendation of the board of education of the school districts affected, shall require the subdivider or developer to pay a cash contribution in lieu of the land dedication required. The cash contributions in lieu of school sites shall be held in trust by the village or other public body designated by the village for use in the acquisition of land for a school site to serve the 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, or for use in the acquisition of land for a school site or for the improvement or construction of any existing school buildings or site made necessary by the additional children from that subdivision or development in the school district.
(B) The formula for determining the required cash contribution in lieu of a land dedication shall be as follows: minimum number of acres of land for each school site ÷ maximum number of students for each school classification X estimated student population per dwelling unit X fair market value of improved land = cash contribution. By way of example, the following is provided for future reference.
(Prior Code, § 16.04.030) (Ord. VG06-412, passed 8-28-2006)