(A) Cash contribution. When the development is small and the resulting site is too small to be practical or when the available land is inappropriate for a school site, the village, with the concurrence of the affected school district, shall require the subdivider to pay a cash contribution in lieu of the land dedication.
(B) Fair market value. The cash contribution in lieu of land shall be based on the fair market value of the acres of land in the area that otherwise would have been dedicated as a school site. The fair market value, on a per acre basis, shall assume that the land is zoned residential, subdivided, stubbed with village sewer and water, has all appropriate utilities available, is improved and is otherwise property capable of being used for residential development. Based upon a study of real estate transactions in DeKalb County for the past three years, it has been determined that the present fair market value of such improved land in and surrounding the village as of the effective date of this chapter is $21,780 per acre. This figure shall be adjusted annually by the Village Board based on real estate transactions and any other indicators as to value. The fair market value, as defined above, shall be used in calculating any cash in lieu of land contribution herein unless timely objected to as provided in of this chapter. Objections to the fair market value, as defined above, shall be made in accordance with this chapter to the Village Board. Failure to make timely objection to the fair market value, as defined above, in accordance with this chapter shall thereafter waive any right to raise an objection at a later time.
(C) Refund of cash contributions. If any portion of a cash contribution in lieu of school site dedication is not expended for the purposes set forth herein 20 years from the date of receipt, it shall be refunded to the subdivider who made such contributions.
(Ord. 15-07, passed 10-5-2015)