09-14-2020 Council Packet - Laserfiche WebLink

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July 20, 2020 page 39 determination and the determination of the residential dedication requirement as set out in 1674 subsection (3)a of this section. This will be done by resolution of the city council. 1675 c. Because the city's park system is focused on trails and natural open space areas, the city does 1676 not have a broad system of neighborhood parks. If a subdivision is planned to be served by 1677 a neighborhood park, this subdivision will receive a greater benefit from the city's park 1678 system than that received by the general population. Therefore, the maximum park 1679 dedication amount as determined in subsection (3)a of this section may be exceeded up to 1680 the full eight percent dedication requirement in the case of a subdivision that is planned to 1681 be served by a neighborhood park. 1682 (4) Cash contribution in lieu of lands. In those instances where a cash contribution is to be made by 1683 the subdivider, in lieu of a conveyance or dedication of land, the cash contribution to be 1684 contributed shall be equivalent to the fair market value of the equivalent undeveloped land that 1685 would otherwise have been conveyed or dedicated. The city shall account for such funds in a 1686 special fund named park dedication funds. These funds are to be used only for the acquisition, 1687 development and improvement of public parks, playgrounds, trails, wetlands or open spaces, and 1688 debt retirement in connection with the foregoing. 1689 (5) Fair market value of lands. Fair market value for purposes of this section shall be the land 1690 predevelopment value to be determined by the city council as of the time of preliminary plat 1691 application in accordance with the following: 1692 a. The city assessor shall recommend to the city council as to the fair market value of the land 1693 after consultation with the subdivider. 1694 b. If agreement is not reached between the city assessor and subdivider, the fair market value 1695 shall be determined in accordance with the following: 1696 1. Fair market value as determined by the city council based upon a current appraisal 1697 submitted to the city by the subdivider, at his their expense. The appraisal shall be made 1698 by appraisers who are approved members of SREA or MAI, or equivalent real estate 1699 societies. 1700 2. If the city disputes such appraisal amounts, it may obtain an appraisal of the property 1701 by a qualified real estate appraiser which the city council selects and which appraisal 1702 may be accepted by the city as being an accurate appraisal at fair market value. The cost 1703 of the appraisal shall be paid by the subdivider. 1704 c. The determination of fair market value of the undeveloped land by the city assessor, city 1705 council or designated appraisers shall be determined at the time of preliminary su bdivision 1706 approval, provided that there is final plat approval within the time limits as set forth in this 1707 chapter. The time of preliminary plat approval is utilized because the nature of the 1708 subdivision, its probable population, lot size and value, and other relevant factors are known. 1709 If an extension of the time limits in this chapter is approved by the city council, the fair 1710 market value shall be determined as of the time of the approval of that extension. In 1711 determining the fair market value as of time of preliminary plat application, or its extension, 1712 the factors to be included in the analysis shall include any and all factors which are generally 1713 accepted and used by approved members of SREA or MAI or equivalent real estate appraisal 1714 societies. 1715 (6) Future subdivision. Any land which is further subdivided, divided or replatted or applied for 1716 such subdivision, division or replatting subsequent to May 1, 1990, shall be subject to the 1717 requirements of the ordinance then in effect concerning dedication of land for public purposes; 1718 and credit shall be given for any charges previously imposed upon that land if the subdivider can 1719 Commented [JB101]: Review of Park dedication proposed 2021 project.