For the purposes of this chapter, fair market value shall be determined as follows:
(a) Time. Fair market value shall be determined as of the time of filing the final plat or final development plan with the Planning Commission. Fair market value of the acreage of a single-family dwelling unit shall be determined at the time a building permit is issued to the builder whose lots are not under the jurisdiction of the Planning Commission.
(b) Method. Fair market value shall equal the average value per acre of all residential land in the Park District encompassing the largest portion of the subdivision or development in its raw, undeveloped state, determined by application of one of the following procedures:
(1) By agreement between the subdivider or developer and the Planning Commission; or
(2) In the event the subdivider or developer and the Planning Commission cannot agree, by determination of the Planning Commission on the basis of assessed value for property tax purposes of all land in the subdivision or development, modified to equal market value in accordance with current assessment practices and divided by the total number of acres within the subdivision or development; or
(3) In the event the subdivider or developer objects to the valuation method set forth in division (b)(2) of this section, then by a qualified independent appraiser approved by the Planning Commission and the subdivider or developer; or
(4) In the event the subdivider or developer objects to all of the foregoing methods of valuation, then by a three-member Board of Appraisers, one of who shall be appointed by the Planning Commission, one of whom shall be appointed by the subdivider or developer, and one of whom shall be selected by the two appraisers so appointed. The decision of a majority of such Board shall be final.
(Ord. 115-03. Passed 10-2-03.)