The purpose of this section is to provide additional open space for visual pleasure and development of recreational areas for the benefit of village residents.
A. Any proposed development of a land parcel equal to or less than five (5) acres shall be exempt from the requirements of this section.
B. The amount of land dedicated pursuant to this section shall be based directly on the population density of the proposed development. The formula shall be ten (10) acres of land per one thousand (1,000) population based on population per dwelling unit. (Reference the table of estimated ultimate population per dwelling unit published by Illinois School Consulting Service.)
C. Where the developer proposes to provide private recreational or open space, the village board may, at its option, waive all or part of the required public dedication. In general, a substitution of private for dedicated open space will imply a substantially higher degree of improvement, in addition to provisions for the permanence and maintenance thereof. (Ord. 99-O-791, 6-7-1999)
D. If, following recommendation of the plan commission/board of appeals, the village board determines that on site land for the required dedication is not available, or available land is not suitable or usable, then an amount of money equal to two hundred thousand dollars ($200,000.00) per acre for each of the otherwise required acres shall be paid to the village to be held in a separate village fund for the purpose of purchasing and/or maintaining or improving land for recreational purposes in the village for the use of the village residents. Provided, however, if the subdivider files a written objection to the two hundred thousand dollars ($200,000.00) per acre valuation, he shall submit an appraisal showing the fair market value of improved land in the area of his development. Final determination of the set fair market value per acre of subject improved land shall be made by the village board of trustees based upon the appraisal submitted by the subdivider and such other information that has been submitted or is available to the village board. (Ord. 01-O-833, 7-2-2001; amd. Ord. 05-O-942, 11-7-2005)
E. The village board reserves the right to determine whether the land dedication shall be to the village, a homeowners' association, another agency, or a combination thereof.
F. The timing of the dedication shall be such that:
1. If land, dedication will coincide with the recording of the final plat.
2. If cash contribution, fifty percent (50%) payable to the village at the time the bond is posted for the public improvements, prior to commencement of development; the balance shall be secured by a separate letter of credit and payable at the time the certificate of occupancy is issued for the first unit, or expiration of said letter of credit, whichever comes first. (Ord. 99-O-791, 6-7-1999)