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Municode <br />Page 2 of 3 <br />developments in the city make use of the city's park system, particularly trails <br />and natural areas. Because the city's park system is focused on trails and <br />natural areas versus active community parks and ballfields, <br />commercial/industrial employees use the city's park system in ways similar to <br />city residents. Therefore, the commercial/industrial dedication requirement will <br />be tied to the residential dedication requirement by determining the number of <br />employees that is equivalent to a residential dwelling unit in terms of impact on <br />the city's park system. Periodically the city will establish both a maximum and <br />minimum park dedication amount per employee based on this determination <br />and the determination of the residential dedication requirement as set out in <br />subsection (3)a of this section. This will be done by resolution of the city <br />council. <br />C. Because the city's park system is focused on trails and natural open space <br />areas, the city does not have a broad system of neighborhood parks. If a <br />subdivision is planned to be served by a neighborhood park, this subdivision <br />will receive a greater benefit from the city's park system than that received by <br />the general population. Therefore, the maximum park dedication amount as <br />determined in subsection (3)a of this section may be exceeded up to the full <br />eight percent dedication requirement in the case of a subdivision that is <br />planned to be served by a neighborhood park. <br />(4) Cash contribution in lieu of lands. In those instances where a cash contribution is to <br />be made by the subdivider, in lieu of a conveyance or dedication of land, the cash <br />contribution to be contributed shall be equivalent to the fair market value of the <br />equivalent undeveloped land that would otherwise have been conveyed or dedicated. <br />The city shall account for such funds in a special fund named park dedication funds. <br />These funds are to be used only for the acquisition, development and improvement of <br />public parks, playgrounds, trails, wetlands or open spaces, and debt retirement in <br />connection with the foregoing. <br />(5) Fair market value of lands. Fair market value for purposes of this section shall be the <br />land predevelopment value to be determined by the city council as of the time of <br />preliminary plat application in accordance with the following: <br />a. The city assessor shall recommend to the city council as to the fair market <br />value of the land after consultation with the subdivider. <br />b• If agreement is not reached between the city assessor and subdivider, the fair <br />market value shall be determined in accordance with the following: <br />Fair market value as determined by the city council based upon a <br />current appraisal submitted to the city by the subdivider, at his expense. <br />The appraisal shall be made by appraisers who are approved members <br />of SREA or MAI, or equivalent real estate societies. <br />2. If the city disputes such appraisal amounts, it may obtain an appraisal of <br />the property by a qualified real estate appraiser which the city council <br />selects and which appraisal may be accepted by the city as being an <br />accurate appraisal at fair market value. The cost of the appraisal shall <br />be paid by the subdivider. <br />C. The determination of fair market value of the undeveloped land by the city <br />--assessor,-city-council-or-designated appraisers -shall -be -determined at the -time <br />-- --- <br />of preliminary subdivision approval, provided that there is final plat approval <br />within the time limits as set forth in this chapter. The time of preliminary plat <br />http://Library.municode.com/print.aspx?h=&clientlD=13094&HTMRequest=http°/n3 a%2f%2flibrary.mutiicode.com%2fI-ITM... 4/8/2014 <br />