Population density, age distribution, land values, the cost of providing park, school and village services, construction costs and other local conditions change over the years. Therefore, the specific formula for the dedication of land, or the payment of fees in lieu thereof, the required contribution for school construction, police, fire, library and administrative services, and the fair market value of land in and around the village shall be reviewed at least every two (2) years and amended as necessary, and in the sole and absolute discretion of the village's corporate authorities. (Ord. 04-32, 1-24-2005)