(A) Where the resulting site in a proposed subdivision or development is too small to be usable for the purpose intended or where it is inappropriate for park and recreational purposes or a school site, the village may require the applicant to contribute cash in lieu of the land dedication. The cash contributions in lieu of park and recreation land dedication shall be held in trust by the village or other public body designated by the village, solely for the acquisition of park and recreation land as hereinbefore classified, which will serve the immediate or future needs of the residents of that subdivision or development or for the improvement of other existing park and recreation land which already serves such needs. The cash contributions in lieu of school sites shall be held in trust by the village, or other public body designated by the village, solely for use in the acquisition of land for a school site to serve the immediate or future needs of children from that subdivision or development or for the improvement to any existing school site which already serves such needs, but not for the construction of any school buildings or additions thereto. If any portion of a cash contribution in lieu of park and recreation land dedication or cash contribution in lieu of school site is not expended for the purposes set forth herein within seven years from the date of receipt, it shall be refunded to the applicant who made such contribution.
(B) Fair market value. The cash contribution in lieu of land shall be based on the fair market value of the acres of land as improved, that otherwise would have been dedicated as park and recreation or school sites. The applicant shall submit an appraisal showing the fair market value of such improved land or other evidence thereof and final determination of said fair market value per acre of such improved land shall be made by the Village Board of Trustees based upon such information from other sources which may be submitted to the Village Board by any local park district, school, district, or others.
(Ord. 77-05, passed 4-6-77)