§ 91.03  CRITERIA FOR CASH CONTRIBUTION.
   (A)   Cash contribution required.  Where the development is small and the resulting site is too small to be practical or when the available land is geologically and topographically inappropriate for park and recreational purposes as determined by the County Zoning, Subdivision and Planning Committee, the county shall require the subdivider or developer to pay a cash contribution in lieu of the land dedication required.
   (B)   Use of cash contributions.  The cash contributions 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 needs, with the exception of operational expenses.
   (C)   Time of conveyance of payment.  The total cash contribution shall be determined prior to the time of final plat approval. At this time, the developer shall, as security of payment, provide the county with a letter of credit in the full amount of the cash contribution from an acceptable local banking institution. The total cash contribution shall be made prior to the time when either two-thirds of the lots are sold by the developer, or the letter of credit expires.
      (1)   The letter of credit shall expressly provide that it may be drawn against by the county at any time the developer fails to make the required payments at the appropriate time.
      (2)   The developer shall make the cash contribution required directly to the body as determined at the time of final plat approval. The collector shall issue a receipt as evidence of payment.
      (3)   Where a local park district does not exist in the area of the development or a park district exists but does not intend to encompass the area at a future date, the following bodies shall have the first option in the order listed to secure the required contribution in an interest-bearing account:
         (a)    Township or municipality; or
         (b)   School district.
      (4)   The accepting body shall hold the donation in a separate account specifically for the purchase and building of park or recreation sites of direct benefit to that development. Each accepting body shall show, on a yearly basis, the status of all cash donations by submitting a bank statement to the County Treasurer for public record.
      (5)   If in the event that none of the aforementioned bodies anticipate future establishment or operation of parks or similar types of recreation sites in the areas of the subdivision, the funds will be held in a special interest-bearing account by the County Treasurer. This account shall be drawn upon only for park application purposes within the township of the developer’s subdivision. The county and township must each sign a release of any funds from this account.
      (6)   All interest accrued shall be distributed with the original payment to the public body owning the required park or recreation site.
   (D)   Fair market value.  The cash contribution in lieu of land shall be based on the fair market value of the acres of fully improved residential land in the area after development. The determination of fair market value shall be made as of the date of submittal for final plat approval and shall be valid for a period of 90 days. Because of the diversity of lands within the county, a single determination of fair market value is not possible. The fair market value for any particular parcel shall be recommended by the County Supervisor of Assessments Officer after consultation with the appropriate Township Assessor. This valuation recommended by the Supervisor of Assessments shall be used unless the affected subdivider, developer or public body files a written objection thereto with the Land Use and Zoning Committee not more than 30 days after the County Supervisor of Assessments Officer has determined the fair market value. In the event of any objection, the subdivider, developer or public body shall submit a written appraisal showing the fair market value of the improved residential land in the area of development, and other evidence. The Land Use and Zoning Committee shall obtain testimony regarding the fair market value and prepare a recommendation for the County Board. Testimony by the Township Assessor may be used to support the determination of the Supervisor of Assessments or an objection thereto. Final determination of the fair market value per acre of the improved land shall be made by the County Board based on the recommendation of the Land Use and Zoning Committee from information submitted by the subdivider or developer and from other sources as submitted to the Land Use and Zoning Committee by affected parties.
   (E)   Refund.  If any portion of a cash contribution in lieu of park or recreation sites is not expended for the purposes set forth herein within ten years from the date of receipt, it shall be refunded with all interest accrued to the lot owner or owners of those lots for which the contribution was made. The owner or owners are determined at the time the date of refund is established.
(1980 Code, § 91.03)  (Res. 79-60, adopted 4-25-1979; Res. 89-166, adopted 7-20-1989)