(A) (1) If the City Council determines that a dedication of land is not feasible or practical within a new development, the developer shall construct or install park infrastructure improvements that are equal in value to that of the minimum land dedication, had a land dedication been accepted, within an existing or proposed city park that can serve the new development.
(2) In all cases where the City Council determines and directs that park infrastructure is to constructed or provided in lieu of a land dedication, whether all or in part, the minimum value of the park infrastructure that is to be provided shall be determined in the following manner.
(a) The Council shall first determine the amount of land that would be required to be dedicated in accordance with § 156.05(A)(1).
(b) The cash value of said land dedication shall be determined by multiplying the total purchase price or cost of all the land in the proposed development by 10%; provided, that the total purchase price or cost is the current fair and reasonable value of the entire property. If the total purchase price does not reflect the current fair and reasonable value of the land, the fair value of said land shall be determined by an impartial appraisal, and in such manner as may be designated by the City Council, cost for said appraisal to be shared equally between developer and city.
(B) A developer may voluntarily choose to pay a fee to the city in the amount determined under this section, in lieu of constructing park infrastructure. Any such fee shall be deposited and used only in full accord with § 156.08.
(C) If park infrastructure is being provided in lieu of a land dedication, it shall be completed prior to the recording of the final plat, or in the case of a site plan prior to the issuance of any building permits, unless surety is provided in favor of the city to guarantee that the park infrastructure will be installed at a later date. If a fee is voluntarily given in lieu of a dedication or construction of park infrastructure, it shall be deposited with the city prior to the recording of a plat or issuance of any building permits.