(A) The cash payment in lieu of dedication is determined by the fair market value of the undivided land as determined by the City Assessor at the time of final plat approval, including the value added by existing utilities, streets and other public improvements serving the property, but excluding the value added by all other existing improvements to the land.
(B) The cash payment is determined by applying the appropriate percentage stated in § 154.021 of this chapter to the fair market value as determined by the Assessor. The maximum cash payment is $400 for each dwelling unit in residential subdivisions and $400 per acre in commercial and industrial subdivisions, or other such amounts as shall be set by the City Council from time to time.
(Prior Code, § 510.07)