(A) Applicability use. Where the development size results in the dedication of a school site too small to be practical or when the available land is inappropriate for a school site, the village shall require the subdivider or developer to pay a cash contribution in lieu of the land dedication required. The cash contribution in lieu of school sites shall be made payable to the affected school district(s) and used to specifically and uniquely benefit the residents of the development from which the contribution was donated. Such cash contributions shall be used and collected only for:
(1) The acquisition of land for a school site to serve the immediate or future needs of children from that subdivision or development;
(2) The construction of new buildings;
(3) The construction of additions to existing school structures;
(4) The alteration, renovation, modification or rehabilitation of existing school structures;
(5) The leasing of school facilities to meet needs when building is not possible or feasible;
(6) The administrative expenses of application for disbursement, and use of the cash contributions; and
(7) The purchase of real estate from the developer making the contribution under this section for vocational training as set forth in and under the authority of 105 ILCS 5/10-23.3 of the state’s School Code. When a purchase is made from the contributing developer for such purposes, said developer will transfer the site agreed upon to the purchasing school district for a purchase price not to exceed the price that results from the application of fair market value set forth in division (C) below to the size of the site.
(B) Determination of amount; method of payment. The total cash contribution to be required shall be determined at the time the final plat a subdivision or final plan of a planned development is approved. Prior to execution of said final plat or plan, the developer or subdivider shall provide the village with a receipt as proof of payment as determined, as signed by the Chief Executive Officer, or his, her, or their duly appointed designee, of the affected school district(s). Security for payment shall be in the form of an irrevocable letter of credit in the amount as determined from an acceptable banking institution or a certificate of deposit with a federally insured bank or savings and loan association.
(C) Determination of fair market value of land.
(1) The cash contributions in lieu of land shall be based on the “fair market value” of so much of the land as would have been dedicated and fully improved in accordance with minimum standards for improvement as set forth in this subchapter. The “fair market value” of such improved land shall be determined by the governing board of the school district(s) affected. In the event more than one school district is affected and said school districts do not reach agreement as to the “fair market value” of such improved land, said school districts shall submit evidence in favor of their position to the Village Board. Final determination of said “fair market value” shall be made by the Village Board based upon the information submitted by the school district.
(2) Such “fair market value” figure shall be used in making any calculation herein unless the subdivider or developer files a written objection thereof. In the event of any such objection, the objecting party shall, at its cost and by a Member of the Appraisal Institute (M.A.I.), submit an appraisal showing the “fair market value” of the land as improved in the development or other evidence thereof. Final determination of said “fair market value” shall be made by the Village Board based upon the information submitted by the subdivider or developer, and/or by other interested persons or entities.
(Ord. 04-2005, passed 11-15-2005) Penalty, see § 10.99