(A) 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 in this section, that otherwise would have been dedicated as school sites.
(B) It has been determined that the present “fair market value” of the improved land in and surrounding the village is $55,000 per acre, and the figure shall be used in making any calculation in this chapter unless the subdivider or developer files a written objection thereto. In the event of any objection, the Village Council shall conduct or may direct the Village Planning and Zoning Board to conduct a public hearing based upon statutory notice for the purpose of receiving evidence concerning the “fair market value” of the improved land.
(C) The Village Council shall determine the “fair market value” based upon the evidence at the public hearing. The Village of Gardner, on its own motion or at the request of an affected school district, may from time to time amend this provision to provide for a different fair market value.
(D) Notwithstanding the foregoing, the fair market value of the improved acre of land in and surrounding the Village of Gardner shall automatically increase on January 1 of each year beginning on January 1, 2007 at a rate of 3% per year.
(Prior Code, § 16.04.040) (Ord. VG06-412, passed 8-28-2006)