A. If a fee in lieu of a land contribution is required, the amount of fee shall be determined at the time of final platting, according to the following formula:
Fair-market value of land per acre | x | Amount of land required to be dedicated according to subsections A and B of this section | = | Fee in lieu of land dedication |
The subdivider shall tender and pay over to the city a cashier's check for the fee immediately prior to recording the final plat.
B. The fair-market value of the land shall be determined no more than six (6) months before submission of the final plat to the city council.
C. The representation cash value of the land that would otherwise be required to be dedicated shall be the full and fair-market value of the raw land plus a proportionate share of those incidental costs as defined in this chapter which would be attached to a subdivider in those cases where land itself was given. Such value shall be determined by averaging the value of all residentially zoned acreage in the preliminary plat.
D. The fair-market value will be determined by negotiations between the subdivider and the city. If negotiations have failed to reach agreement by the time the final plat is submitted, then within five (5) days an appraisal board shall be appointed to determine the fair-market value, whose appraisal shall be final and binding on both parties. The appraisal board shall consist of three (3) qualified real estate appraisers, one selected by the city, one selected by the subdivider, and one selected by the chosen appraisers. The appraisers' fee shall be paid jointly by the city and the subdivider. Within ten (10) days, the appraisal board shall tender a report of the fair-market value of the land as of the date the appraisal board was appointed.
E. In certain cases, a subdivider may dedicate more land than would be required by the formulas herein set out and receive a written credit against future mandatory public park land dedications. Where a subdivider dedicates land against future requirements, the development which is thereby relieved of all or parts of its mandatory park land dedication requirement must be in the same general area as that served by the dedicated credit land, such general area to be at the city's sole determination. The credit shall attach to the relieved land and remain with the relieved land, regardless of change in ownership thereof.
F. In the event a subdivider deviates from the approved preliminary plat in final platting or rezones land within the preliminary plat which has the effect of increasing the density of population over the earlier population density estimates made under this article or where the use of property is changed from a nonresidential use to a residential use the owner or subdivider shall be obligated to provide additional land or fee to compensate for the increase in population prior to the city issuing a building permit. (Prior Code, Chapter 16, as amended)