A. Amount Of In Lieu Fees Required: Where a fee is required to be paid in lieu of dedicating land, the fee shall be based on the fair market value of the amount of land which would otherwise be required for dedication, as provided in section 9.51.020 of this chapter. Such fee shall be determined each year in the amount as set forth in a park fee study. The fair market value of a buildable acre shall be based on an appraisal of similarly situated property for usable park land within the town as determined by the town manager. If the subdivider objects to such evaluation, the subdivider may, at its own expense, obtain an appraisal of the property by a qualified real estate appraiser approved by the town manager, with the appraisal accepted by the town council if found reasonable or the city and subdivider may agree to the fair market value.
B. Fifty Parcels Or Less: The payment of fees in lieu of dedication may be required in subdivisions containing fifty (50) or less lots or parcels, except that when a condominium project, stock cooperative or community apartment project exceeds fifty (50) dwelling units, dedication of land may be required notwithstanding that the number of parcels may be less than fifty one (51). (Ord. 254, 12-16-2014)