(A) Public parks.
(1) The subdivider shall receive a credit against the park dedication requirement for the fair market value of any land dedicated for park purposes, and for the value of any park and recreation improvements provided by subdivider in conjunction with any public park.
(2) The value of such improvements shall be determined by the city based upon fair market value.
(B) Private parks.
(1) In conjunction with any planned development, real estate development, stock cooperative, community apartment or condominium, as defined by state law, if the subdivider provides
PRIVATE OPEN SPACE
, as defined in § 156.130, then the subdivider may receive a credit equal to the fair market value of that space against the park dedication requirement of this subchapter, but such credit shall not exceed one-third of such requirement.
(2) The actual amount of such credit shall be determined by the city, based upon the comparability of the private open space to public park area and the adequacy of such private open space to serve the needs of the subdivision for active recreational uses.
(C) Application of credits. The credits provided in this section shall be applied to reduce the subdivider's obligation to dedicate and/or pay an in-lieu fee as required under this subchapter, but only to the extent of such credit.
(Ord. 1325, passed 11-6-02)