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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 selects and which appraisal <br />may be accepted by the City as being an accurate appraisal at fair market value. The cost of the <br />appraisal shall be paid by the subdivider. <br />3. The subdivider may appeal any final determination of fair market value <br />as provided by Minnesota Statute Section 462.361. <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 §1 the time of preliminary <br />subdivision approval is granted provided that there is final plat approval within the time limits as set <br />forth in this chapter. The time of preliminary plat approval is utilized because the nature of the <br />subdivision, its probable population, lot size and value, and other relevant factors are known. If an <br />extension of the time limits in this chapter is approved by the City Council, the fair market value <br />shall be determined as of the time of the approval of that extension. Ii; determining the fair market <br />value as of time of preliminary plat application, or the extension thereof, the factors to be included <br />in the analysis shall include any and all factors which are generally accepted and used by approved <br />members of SREA or MAI or equivalent real estate appraisal societies. <br />'r <br />•^3 <br />X\APPS\\\WTN60\WPDOCS'5UBDIV1SM 162 REV