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(A) The amount of fee in lieu of land dedication shall be determined by multiplying "A," as derived from section 15-99, times "C," the fair market value of one acre of usable, unimproved park land within the subdivision. Fair market value shall be determined as of, and shall be based on the zoning applicable to the land as of, the date of filing the parcel or final map or of filing an application for a parcel map waiver.
(B) Fair market value shall be determined as follows:
(1) At the time of filing a parcel map or a final map or applying for a parcel map waiver, the developer shall provide an appraisal of the fair market value of the land subject to the map, prepared by a qualified appraiser and dated no more than 30 days prior to the date of such filing. Except as provided in subsections (2) and (3) below, the city shall consider the appraisal in determining fair market value.
(2) If the city is dissatisfied with the appraisal, the city may select a qualified appraiser to appraise the property at the city's expense, and the city shall consider the appraisal in determining fair market value.
(3) Alternatively, the city and the developer may agree on fair market value.
(`64 Code, Sec. 27-70) (Ord. No. 1570, 2683)