A. Cash Contribution Required; Held In Trust: When the development is small and the resulting site is too small to be practical, or when the available land is inappropriate for park and recreational purposes or school, fire/rescue or library sites or is in conflict with the approved comprehensive school plan, the village, with the concurrence of the affected district, shall require the subdivider or developer to pay a cash contribution in lieu of the land dedication.
The cash contribution in lieu of park and recreation land dedication shall be held in trust by the village and shall be used solely for the acquisition of park and recreation land as classified above, which will be available to serve the immediate or future needs of the residents of that subdivision or development or for the expansion of other existing local park and recreation lands that already serve such needs or for any other lawful park purpose or for any park purpose agreed to by the owner, subdivider or developer at the time of platting.
The cash contribution in lieu of dedication of school sites shall be held in trust by the village and shall be used solely for the acquisition of land for school sites to serve the immediate or future needs of children from that subdivision or development or for the expansion of any existing school site that already serves such needs or for any other lawful school purpose or for any school purpose agreed to by the owner, subdivider or developer at the time of platting.
The cash contribution in lieu of fire/rescue sites shall be held in trust by the village and shall be used for the acquisition of land for fire/rescue facilities or training sites to serve the immediate and future needs of the residents of that subdivision or development or for the expansion of any other existing fire station or training site that already serves such needs or for any other lawful fire/rescue purpose agreed to by the subdivider or developer at the time of platting.
The cash contribution in lieu of a library site dedication shall be held in trust by the village and shall be used for the acquisition of library land as required herein, which will be available to serve the immediate or future needs of the residents of that subdivision or development or for the expansion of existing or proposed library facilities that already serve or will serve such needs or for any other lawful purpose agreed to by the owner, subdivider or developer at the time of platting.
B. Refund: If any portion of a cash contribution in lieu of dedication of library and/or school sites or park and recreation or fire/rescue land dedication is not expended for the purposes set forth herein within thirteen (13) years from the date of receipt, it shall be refunded by the entity holding the contribution to the record owner of the subdivided land at the time of the refund. If there is more than one record owner of the subdivided land or of the land that comprises the planned development, as applicable, such record owners shall share in the refund pro rata based on the cash contributions originally paid by each property.
C. Fair Market Value: The cash contributions in lieu of land shall be based on the "fair market value" of the acres of land in the area that otherwise would have been dedicated as park and recreation, school sites, fire/rescue and library. The fair market value, on a per acre basis, shall assume, unless determined otherwise pursuant to section 11-4-8 of this chapter, that the land is zoned in a one-family dwelling residential zoning district subdivided with appropriate frontage on a dedicated street or road, has all appropriate utilities available, is improved as set forth in section 11-4-7-6 of this chapter, and is otherwise property capable of being used for residential development. Based upon a study of comparable real estate transactions, it has been determined that the present "fair market value" of such improved land in and surrounding the village is, as of the effective date hereof, as follows:
1. Ninety eight thousand dollars ($98,000.00) per acre for purposes of locating a park.
2. One hundred ninety six thousand dollars ($196,000.00) per acre for purposes of locating an elementary or junior high school within School Districts 220 and 300 and locating a high school within School District 300.
3. Three hundred fifty thousand dollars ($350,000.00) per acre for purposes of adding on to the existing high school in School District 220.
4. One hundred ninety six thousand dollars ($196,000.00) per acre for purposes of locating a fire station.
5. Three hundred fifty thousand dollars ($350,000.00) per acre for purposes of locating and/or adding on to the existing library.
These figures shall be adjusted by the village board from time to time with appropriate study and documentation. The "fair market value" as defined above shall be used in calculating any cash in lieu of land dedication herein unless timely objected to as provided in section 11-4-8 of this chapter. Objections to the "fair market value" as defined above shall be made in accordance with section 11-4-8 of this chapter to the plan commission. Failure to timely object to the "fair market value" as defined above in accordance with section 11-4-8 of this chapter shall thereafter waive any right to raise an objection at a later time.
D. Criteria For Requiring Dedication And A Contribution: There will be situations in subdivisions or planned developments when a combination of land dedication and a cash contribution in lieu of land are both necessary. These occasions will arise when: 1) only a portion of the land to be developed is proposed as the location for a park, school site, fire/rescue, library (that portion of the land within the subdivision falling within a park, school site, fire/rescue, library; location shall be dedicated as a site as stated above, and a cash contribution in lieu thereof shall be required for any additional land that would have been required to be dedicated); or 2) a major part of the local park, school site, fire/rescue, library, has already been acquired by the particular district or village and only a small portion of land is needed from the development to complete the site (the remaining portion shall be required by dedication, and a cash contribution in lieu thereof for the rest of the required land shall be required). (Ord. 2004-708, 4-8-2004)