(a) Where a proposed park, playground, or other public use is located in whole or part in a subdivision, the Planning Commission may require the dedication or reservation of such area within the subdivision in which the Commission deems such requirement to be reasonable. If not dedicated, such lands shall may be reserved for acquisition by the Municipality within a period of two years by purchase or other means.
(b) The subdivider may 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 Planning Commission and Council, the subdivider may 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. Such monies shall be deposited in a fund which is hereby created, known as the Park Development Fund, for the purposes set forth herein, including but not limited to, acquisition and/or development of lands for such purposes.
(Ord. 17-1994. Passed 6-6-94.)