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462.358, 2013 Minnesota Statutes <br />When the applicant vouches, by certified letter to the municipality, that the conditions <br />required by the municipality for approval under this subdivision have been satisfied, the <br />municipality has 30 days to release and return to the applicant any and all financial <br />securities tied to the requirements. If the municipality fails to release and return the letters <br />of credit within the 30 -day period, any interest accrued will be paid to the applicant. If the <br />municipality determines that the conditions required for approval under this subdivision <br />have not been satisfied, the municipality must send written notice within seven business <br />days upon receipt of the certified letter indicating to the applicant which specific <br />conditions have not been met. The municipality shall require a maintenance or <br />performance bond from any subcontractor that has not yet completed all remaining <br />requirements of the municipality. <br />The regulations may permit the municipality to condition its approval on compliance <br />with other requirements reasonably related to the provisions of the regulations and to <br />execute development contracts embodying the terms and conditions of approval. The <br />municipality may enforce such agreements and conditions by appropriate legal and <br />Subd. 2b. Dedication. (a) The regulations may require that a reasonable portion of <br />the buildable land, as defined by municipal ordinance, of any proposed subdivision be <br />dedicated to the public or preserved for public use as streets, roads, sewers, electric, gas, <br />and water facilities, storm water drainage and holding areas or ponds and similar utilities <br />and improvements, parks, recreational facilities as defined in section 471.191, <br />playgrounds, trails, wetlands, or open space. The requirement must be imposed by <br />ordinance or under the procedures established in section 462.353, subdivision 4a. <br />(b) If a municipality adopts the ordinance or proceeds under section 462.353, <br />subdivision 4a, as required by paragraph (a), the municipality must adopt a capital <br />improvement budget and have a parks and open space plan or have a parks, trails, and <br />open space component in its comprehensive plan subject to the terms and conditions in this <br />paragraph and paragraphs (c) to (i). <br />(c) The municipality may choose to accept a cash fee as set by ordinance from the <br />applicant for some or all of the new lots created in the subdivision, based on the average <br />fair market value of the unplatted land for which park fees have not already been paid that <br />is, no later than at the time of final approval or under the city's adopted comprehensive <br />plan, to be served by municipal sanitary sewer and water service or community septic and <br />private well as authorized by state law. For purposes of redevelopment on developed land, <br />the municipality may choose to accept a cash fee based on fair market value of the land no <br />later than the time of final approval. "Fair market value" means the value of the land as <br />determined by the municipality annually based on tax valuation or other relevant data. If <br />the municipality's calculation of valuation is objected to by the applicant, then the value <br />shall be as negotiated between the municipality and the applicant, or based on the market <br />value as determined by the municipality based on an independent appraisal of land in a <br />same or similar land use category. <br />(d) In establishing the portion to be dedicated or preserved or the cash fee, the <br />regulations shall give due consideration to the open space, recreational, or common areas <br />and facilities open to the public that the applicant proposes to reserve for the subdivision. <br />(e) The municipality must reasonably determine that it will need to acquire that <br />portion of land for the purposes stated in this subdivision as a result of approval of the <br />subdivision. <br />(f) Cash payments received must be placed by the municipality in a special fund to be <br />-used only for the purposes -for which the money was obtained. - - - - --- <br />(g) Cash payments received must be used only for the acquisition and development or <br />improvement of parks, recreational facilities, playgrounds, trails, wetlands, or open space <br />https://www,revisor.mn.gov/statutes/lid=462.358 <br />Page 2 of 6 <br />4/8/2014 <br />