Criteria for requiring cash contributions in lieu of land donations:
(A) Small Land Donations: Whenever, in the determination of the village, any subdivision or planned unit development is so small that the school or park sites required under the provisions of sections 11-2-1 and 11-3-1 and/or chapter 4 of this title will not be large enough for practical development and maintenance as school or park sites, or when the available land cannot meet the standards set forth in sections 11-2-1 and 11-3-1 of this title, or is otherwise inappropriate for park or recreational purposes or for a school site, the village shall require the subdivider or developer to pay a cash contribution in lieu of the land dedication required.
(B) Cash Contribution: The cash contribution to be paid in lieu of land donations for school sites shall be held in trust by the village solely for use in the acquisition of a school site to serve the immediate or future needs of children from that subdivision or planned unit development, or for reimbursement to Manteno Community Unit School District 5 for prior acquisition of school sites for which bonds or other financing obligations are outstanding which will serve immediate or future needs of children from that subdivision or planned unit development, or for the improvement of any existing school site which predominantly serves such needs, but not for the construction, repair or rehabilitation of any school building or addition thereto.
(C) Cash Contribution For Park And Recreational Purposes: The cash contribution to be paid in lieu of land donations for park and recreational purposes shall be designated by the village solely for the acquisition of park and recreational land which will be available to serve the immediate or future needs of the residents of that subdivision or planned unit development or for the improvement of existing park and recreational lands which predominantly serve such needs.
(D) Time Limit For Cash Expenditure: If any portion of a cash contribution in lieu of park or recreational land donations, or school site donations made pursuant to this section is not expended for the purposes above set forth within twenty (20) years from the date of its receipt, it shall be refunded to the subdivider or developer who made such contribution.
(E) Fair Market Value: The amount of cash contributions in lieu of land shall be based on the "fair market value" of land in the proposed subdivision or planned unit development improved as specified in sections 11-2-1 and 11-3-1 of this title that otherwise would have been donated for park, recreational and school sites. The village's corporate authorities have determined that the present fair market value of such improved land in and surrounding village is forty thousand dollars ($40,000.00) per acre. Such figure shall be regularly updated pursuant to section 11-5-6 of this chapter, and shall be used in making any calculation herein unless the subdivider or developer files a written objection thereto. In the event of any such written objection, the developer shall submit an appraisal showing the fair market value of such improved land in the area of his or her development or other evidence thereof and final determination of such fair market value per acre of such improved land shall be made by the corporate authorities based upon such information submitted by the subdivider or developer and from other sources which may be submitted to the corporate authorities by the park district, school districts or others.
(F) Combinations: There will be situations in subdivisions or planned unit developments when, in the determination of the village, a combination of land donation and cash contribution in lieu of land is appropriate. These occasions will arise when:
1. Only a portion of the land to be developed is proposed as the location for a park or school site. That portion of the land within the subdivision or planned unit development falling within the park or school site shall be conveyed as aforesaid, and cash shall be donated by the developer, and cash shall be donated in an amount equal to the difference between the fair market value of the land donated and the fair market value of the land required to be donated under sections 11-2-1 and 11-3-1 of this title.
2. A major part of a local park or recreation site or school site has already been acquired and only a small amount of land is needed from the proposed subdivision or planned unit development to complete the site. The remaining amount of land shall be donated by the developer, and cash shall be donated in an amount equal to the difference between the fair market value of the land donated and the fair market value of the land required to be donated under sections 11-2-1 and 11-3-1 of this title.
(G) Prorated: The cash contributions required in this section shall be prorated and payable upon the issuance of the building permit for each dwelling unit. (Ord. 04-32, 1-24-2005)