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B. Commercial/indusirial zoned land. Dedication requirement of 8% of the land <br />being platted or subdivided. The dedication required shall be roughly proportional to the projected <br />impact of the proposed development on the City’s park system. The City finds, based on its <br />experience, that the employees of commercial/industrial developments in the City make use of the <br />City's park system, particularly trails and natural areas. Because the City's park system is focused <br />on trails and natural areas versus active community parks and ballfields. commercial/industrial <br />employees use the City's park system in wavs similar to City residents. Therefore, the <br />commercial/industrial dedication requirement will be tied to the residential dedication requirement <br />bv determining the number of employees that is equivalent to a residential dwelling unit in terms of <br />impact on the City's park system. Each year the City wi!i establish both a maximum and minimum <br />park dedication amount per employee based on this determination and the determination of the <br />residential dedication requirement as set out in Paragraph A of Subdivision 3. This will be done bv <br />resolution of the City Council. <br />C. Because the City of Orono's park system is focused on trails and natural open <br />space areas, the City does not have a broad system of neighborhood parks. If a subdivision is <br />planned to be served bv a neighborhood park, this subdivision will receive a greater benefit from the <br />City's park system than that received bv the general population. Therefore, the maximum park <br />dedication amount as determined in Paragraph A mav be exceeded up to the full 8% dedication <br />requirement in the case of a subdivision that is nlanned to be serx ed bv a neighborhood park. <br />Subd. 4. Cash Contribution in Lieu of Lands. In those instances where a cash contribution <br />is to be made by the subdivider, in lieu of a conveyance or dedication of land, the cash contribution <br />to be contributed shall be equivalent to the fair market value of the equivalent undeveloped land that <br />would otherwise have been conveyed or dedicated. The City shall account for such funds in a <br />special fund named Park Dedication Funds. These funds are to be used only for the acquisition, <br />development and improvement of public parks, playgrounds, trails, wetlands, or open spaces, and <br />debt retirement in connection with land previously acquired for such public purposes. <br />Subd. 5. Fair Market Value of Lands. "Fair Market Value" for purposes of this Code shall <br />be the land pre-development 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 value <br />of the land after consultation with the subdivider. <br />B. If agreement is not reached between the City Assessor and subdivider, then the <br />fair market value shall be determined in accordance with the following: <br />1 . Fair market value as determined by the City Council based upon a current <br />appraisal submitted to the City by the subdivider, at his expense. The appraisal shall be made by <br />appraisers who are approved members of SREA or MAI, or equivalent real estate societies.