(A) Small developments. Where the subdivision, apartment development or single-family home is too small and the resulting site is too small to be practical or when the available land is inappropriate for park and recreational purposes, the village shall require the subdivider, developer, or single-family resident to pay a cash contribution prior to the issuance of a building permit in lieu of the land dedication which shall be held in a special fund by the village or other public body designated by the village and dispersed for the acquisition of park and recreational land and equipment as hereinbefore classified, which will be available to serve the immediate or future needs of the residents of that subdivision or development or for the capitol improvement of other existing local park and recreational land which already serves such needs and dispersed for the administration expenses of these provisions. If any portion of a cash contribution in lieu of a park or recreational land dedication is not expended for the purposes set forth herein within ten years from the date of receipt, it shall be refunded to the developer, subdivider, or builder who made such contribution.
(B) 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 improved as specified herein that otherwise would have been dedicated as park and recreation. It has been determined that the present “fair market value” of such improved land in the village is $75,000 per acre, and such figure shall be used in making any calculation herein unless the subdivider, developer, or builder files a written objection thereto. In the event of any such objection the subdivider, developer, or builder shall submit an appraisal showing the “fair market value” of such improved land in the area of the subdivider’s, developer’s, or builder’s housing or other evidence thereof, and final determination of said “fair market value” per acre of such improved land shall be made by the Planning and Zoning Board based upon such information submitted by the subdivider, developer, or builder and from other sources which may be submitted to the Planning and Zoning Board.
(C) Criteria for requiring dedication and a fee. There will be situations in subdivisions when a combination of fully equipped land dedication and a contribution in lieu of land are both necessary. These occasions will arise when:
(1) Only a portion of the fully equipped land to be developed is proposed as the location for a park site. That portion of the fully equipped land within the subdivision falling within the park location shall be dedicated as a site as aforesaid, and a cash contribution in lieu thereof shall be required for any additional fully equipped land that would have been required to be dedicated.
(2) A major part of the local park or recreational 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 for the complete equipping of any under-equipped parks and recreation areas.
(Ord. 1995-0-25, passed 12-26-95; Am. Ord. 2006-O-5, passed 3-21-06)