(A) Determination of land value. The development impact fees for public facilities shall be based on the fair market value of an acre of land for such facilities. For purposes of this subchapter, the FAIR MARKET VALUE of an acre of land in and surrounding the city shall be no less than $832,500, which amount may be adjusted from time to time by ordinance or resolution of the City Council. Such land value shall be used in making any calculations required in this subchapter unless the developer files a written appeal in accordance with § 150.544. In the event of any such appeal, the developer, at his or her own cost, shall obtain and submit an independent appraisal from an MAI designated appraiser indicating the fair market value of such improved land in the area of the proposed development.
(B) Distribution of development impact fees. The development impact fee for public facilities shall be collected in accordance with § 150.523(B) and shall be used solely for public facilities of the public bodies or public service providers for which such development impact fees are designated; provided the City Clerk has in his or her possession the respective agreements and indemnities of the public bodies as required by this subchapter or any required statement of disbursement from public service providers, as the case may be, any development impact fees so collected and held by the city shall be forwarded from time to time to the public body or public service provider to be used in the funding of public facilities and for other purposes as permitted by law and in accordance with any applicable intergovernmental agreement.
(Ord. 06-42, passed 7-20-2006; Ord. 2009-28, passed 9-21-2009)