(a) Where a proposed park, playground, school or other public use shown on the Land Use Map is located in whole or in part in a subdivision, the Council may require the dedication or reservation of such area within the subdivision in which the Council deems such requirement to be reasonable.
(b) In the absence of provision in the Land Use Map, or in the absence of provision in such Map for the dedication of public land for the purposes as set forth herein, the subdivider shall be required to dedicate to public use, land suitably located and adequate for parks, playgrounds, schools or other public purposes, for local or neighborhood uses, in an amount not less than five percent of the total area of the subdivision, exclusive of streets or alleys, sidewalks and easements, or in lieu thereof, when deemed appropriate by the Council the subdivider shall be required to deposit with the Municipality such moneys as represent five percent of the fair market value of the land being subdivided, such value to be determined as of the date of the filing of the preliminary plan with the Commission. The basic evaluation shall be the prevailing market price of similar land in the immediate vicinity of the land being subdivided. This money shall be deposited with the Finance Director, accounted for separately, and used for the acquisition of land for the purpose set forth herein including, but not limited to, the development of the same, and shall be deposited in a fund which is hereby created, known as the Park Development Fund.
(Ord. 120-91. Passed 8-9-93.)