(A) Generally.
(1) Where the development is small and the resulting park site is too small to be practical or is undesirable to the developer, or when no available land is appropriate for a park site as determined by the city, the city may require the subdivider or the developer to pay a cash contribution partly or wholly in lieu of the land dedication. A cash contribution in lieu of park site dedications shall be based on the fair market value of the acres of land on site improved as specified herein that otherwise would have been dedicated as a park site. Such improvements shall include consideration of grading, streets, water and sewer systems, curbs and gutters, sidewalks, electrical service, street trees and streetlights.
(2) It has been determined based on the market value study placed on file with the City Clerk that the present fair market value of such improved land suitable for park space in and around the city within the planning jurisdiction of the city, including the one and one-half mile extraterritorial planning jurisdiction outside the city’s boundaries at the time of dedication, is $51,000 per acre and such figure shall be used in making any calculations relating to this policy until evidence dictates raising or lowering this amount based on a revision to the market study approved by the Council; provided that, verified submission of a completed sale contract value (plus improvement costs as determined by the city) of the development site within the prior 24 months shall be accepted as an alternative value. In the event that a subdivider or developer files a written objection with the City Clerk objecting to said fair market value figure, and in the event that negotiations fail to achieve an acceptable alternative, the said fair market value of the development site dedication shall be determined by three qualified appraisers, one of whom shall be appointed by the City Council, or by its duly appointed committee or commission, one of whom shall be appointed by the subdivider or developer, and one of whom shall be mutually agreed upon by the said two appraisers so chosen. The fees and costs of such appraisal shall be borne equally by the city and the subdivider or developer.
(B) Dedications required. The dedications of land required by this section shall be made prior to the final platting of 50% of the lots approved in the preliminary plat, and cash contributions required by this section shall be made on a pro rata basis at the time of application for building permit for each lot in the development; provided that, if land dedication or fee in lieu obligations are not satisfied in full on or before the date of the approval of the first final plat, then such obligation shall be included in and secured by the improvement guarantee held by the city. Further, the dedications or contributions required under this section shall be applicable and due when a division of property or development or redevelopment of property occurs which creates lots or dwelling units in addition to the number of lots or dwelling units existing as of the effective date of this chapter and in such cases shall be paid upon application for building permit for each additional dwelling unit. In the case of land dedication, the developer shall agree to maintain the property in accordance with all the laws of the city until such time as the land is formally accepted by the city. Improvements to any dedicated land shall be secured by a bond or letter of credit in an amount and form acceptable to the city at the time of final plat.
(C) Review of present market value and density formula. The present fair market value and density formula affecting this section shall be reviewed by the City Council as needed to ensure the requirements continue to reflect the requirements and policies of this subchapter. After said review, any appropriate changes may be made to the formula by the City Council.
(D) Exception. This section is not intended to apply to lands of subdividers or developers who have entered into an agreement with the city for annexation of those lands, or for the use of those lands in a planned development, where such agreement would be violated by imposition of this section to such lands; provided that, this section shall be fully enforceable against those lands where the annexation agreement or the planned unit development agreement may have expired and become void because the lands affected were not developed within the time provided for in said agreements.
(E) Title insurance, survey, assessment plats. Each deed or other instrument conveying land to the city shall be accompanied by:
(1) A commitment for a standard Form B ALTA owner’s policy of title insurance issued by a title insurer licensed to do business in the state to ensure the intended grantee’s title to such real estate in an amount equal to its value computed pursuant to this subchapter, subject only to the general real estate taxes which are not due and payable at the time of delivery of the deed, covenants, conditions and restrictions of record which do not prohibit or materially interfere with the use of the subject real estate for park and recreational use;
(2) A current land survey of the subject real estate with all corners staked, prepared by a state registered land surveyor and certified to the intended grantee as meeting or exceeding the minimum requirements of both an American Land Title Association (ALTA) survey and the state’s land survey standards; and
(3) Except in instances where the real estate to be conveyed has assigned to it a permanent index number or numbers which do not cover any other real estate, an assessment plat and tax division petition in form acceptable to the appropriate county authorities so that the land to be conveyed can be assigned its own permanent real estate index number for exemption purposes.
(Ord. 3319, passed 2-22-2005)