Where 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 a school site, the village shall require the subdivider or developer to pay a cash contribution, calculated as provided herein, in lieu of the land dedication required. The cash contribution in lieu of park and recreation land dedication shall be held in trust by the village, or other public body when designated by the village solely for the acquisition of park and recreation land, which will be available to serve the immediate or future needs of the residents of that subdivision or development or for the improvement of other existing local park and recreation land which already serves such needs. The cash contributions in lieu of school sites shall be held in trust by the village, solely for use in the acquisition of land for a school site to serve the immediate or future needs of children from that development or for the improvement to any existing school site which already serves such needs, but not for the construction of any school buildings or additions thereto. (Ord. 91-21, 8-6-1991)
Expenditures from school site funds held in trust shall be made only with the mutual agreement of the village and the affected school district. The affected district shall furnish the village with a written notice describing the amount, purpose and time of any proposed expenditure of school site trust funds. Within one hundred twenty (120) days from receipt of said notice, the village shall advise the said school district whether or not the village is in agreement with the proposed expenditure. If any disagreement exists, the village shall designate a committee to meet with representatives of the affected school district to resolve the matter. If any portion of a cash contribution in lieu of park and recreation land dedication, or cash contribution in lieu of school site is not expended for the purposes set forth herein within fifteen (15) years from the date of receipt, it shall be refunded to the subdivider or developer who made such contribution. (Ord. 91-21, 8-6-1991; amd. Ord. 06-16, 8-22-2006)
A. Value Of Land Used To Calculate Cash Contribution, Fair Market Value: The cash contribution in lieu of land shall be based on the "fair market value" of the acres of land in the area improved as specified herein, that otherwise would have been dedicated as park and recreation and school sites. It has been determined that the present "fair market value" of such improved land in and surrounding the village is one hundred twenty five thousand dollars ($125,000.00) per acre, and such figure shall be used in making any calculation herein unless the subdivider or developer files a written objection thereto. In the event of any such objection, the developer shall submit an appraisal showing the "fair market value" of such improved land in the area of his development or other evidence thereof, and final determination of said "fair market value" per acre of such improved land shall be made by the village president and board of trustees, based upon such information submitted by the subdivider or developer by the school district or from other sources, such as, but not limited to, appraisals sought by the village. (Ord. 02-21, 11-5-2002; amd. Ord. 06-16, 8-22-2006)
B. Criteria For Combining Land Dedication And Cash Contribution: There will be situations in subdivisions or planned unit developments when a combination of land dedication and a contribution in lieu of land are both necessary. Those occasions will arise when:
1. Only a portion of the land to be developed is proposed as the location for a park or school site. That portion of the land within the subdivision falling within the park or school location shall be dedicated as a site as aforesaid, and a cash contribution in lieu thereof shall be required for any additional land that would have been required to be dedicated.
2. A major part of the local park or recreation site or school site has already been acquired, and only a small portion of land is needed from the development to complete the site. The remaining portions shall be required by dedication, and a cash contribution in lieu thereof shall be required. (Ord. 91-21, 8-6-1991)