12-6-6: CRITERIA FOR CONTRIBUTION IN LIEU OF LAND DEDICATION:
   A.   The village shall require the subdivider or developer to pay a cash contribution in lieu of the land dedication required when so determined by the public body that would be the recipient of the land, subject to final village approval. The cash contribution in lieu of land dedication shall be held in trust by the village, or other public body designated by the village, solely for the acquisition of 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 school, park, library or fire protection land which already serves such needs. The cash contributions in lieu of land shall be held in trust by the village, or other public body designated by the village, solely for use in the acquisition of land to serve the immediate or future needs of the population from that subdivision or development or for the improvement to any existing site 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, including the village system development charge; playgrounds; recreation grounds; and athletic fields. Improvement shall further include the construction of buildings; additions to existing buildings; remodeled or renovated noninstructional spaces in classrooms; and the purchase of prefabricated classroom units to be used at a school site. 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 land dedication is not expended for the purposes set forth herein within fifteen (15) years from the date of receipt, it shall be refunded, together with accrued interest thereon, to the developer who made such contribution. Said cash contribution in lieu of park, school, library and fire protection district shall be deposited with the appropriate governmental body before the issuance to the developer of its first building permit for such subdivision or development. (Ord. 96-32, 4-18-1996)
   B.   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, library, school or fire protection sites. It has been determined that the present fair market value of such improved land in and surrounding the village is seventy five thousand dollars ($75,000.00) 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 library district, park district, school district, or fire protection district. (Ord. 96-32, 4-18-1996; amd. 2011 Code)