(A) Upon the dedication of two or more acres of land to the town as hereinafter set forth, a subdivider or developer shall receive a credit against the fee otherwise required to be paid pursuant to this subchapter.
(B) The credit shall be applied as follows:
(1) (a) The credit shall be calculated by the following formula:
Fair market value of land dedicated/fee required to be paid | = | % of credit |
(b) The fee required to be paid pursuant to this subchapter shall be reduced by the percentage of credit determined by the above formula. If the percentage of credit is 100% or more, no fee shall be required to be paid.
(2) The credit shall become effective upon Town Council acceptance of the dedication of the land. The land shall not be accepted by the Town Council unless it finds the land to be suitable for active recreation purposes. In determining the suitability of the land for active recreation purposes, the Town Council may consider all factors and variables affecting the suitability, including, but not limited to:
(a) Access from paved public streets;
(b) Size;
(c) Fair market value;
(d) Physical characteristics and qualities;
(e) Proximity of the land to other recreation facilities;
(f) Availability of town funds to construct active recreation facilities on the land; and
(g) Conformance with the town’s comprehensive plan.
(3) The fair market value of the land to be dedicated shall be established by a formal MAI appraisal which is acceptable to the town. The appraisal shall be provided by the subdivider or developer at his or her expense.
(4) The land shall be dedicated to the town in fee simple, and shall be free of any liens or encumbrances.
(5) Reduction of impact fees for individual lots shall be provided as described in § 34.27(B)(4).
(Ord. 2001-08, passed 11-27-2001)