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3 <br />3 <br />3 <br />3 <br />3 <br />3 <br />3 <br />3 <br />3 <br />3 <br />3 <br />] <br />] <br />] <br />3 <br />3 <br />3 <br />] <br />] <br />§ 11.62 <br />Subd. 5. Fair Market Value of Lands. "Fair Market <br />Value" for purposes of this Code shall be the land pre-development <br />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 fhall recommend to the City <br />Council as to the fair market value of the land after consultation <br />with the subdivider. <br />B. If agreement is not reached between the City <br />Assessor and subdivider, then the fair market value shall be <br />determined in accordance with the following: <br />1. Fair market value as determined by the City <br />Council based upon a current appraisal submitted to the City by the <br />subdivider, at his expense. The appraisal shall be made by <br />appraisers who are approved members of SREA or MAI, or equivalent <br />real estate societies. <br />2. If the City disputes such appraisal <br />aunounts, it may obtain an appraisal of the property by a qualified^ — — — —— tr s.-------------------------------------------------------------------- — —c —ji ^ <br />real estate appraiser which the City Council selects and which <br />appraisal may be accepted by the City as being an accurate <br />appraisal ab fair market value. The cost of the appraisal shall be <br />paid by the subdivider. <br />3. The subdivider may appeal any final <br />determination of fair market value as provided by Minnesota Statute <br />Section 462.361. <br />C. The determination of fair market value of the <br />undeveloped land by the City Assessor, City Council, or designated <br />appraisers, shall be determined as of the time of preliminary <br />subdivision approval is granted as long as there is final plat <br />approval within the time limits as set forth in this chapter. The <br />time of preliminary plat approval is utilized because the nature of <br />the subdivision, its probable population, lot size and value, and <br />other relevant factors are known. If an extension of the time <br />limits in this chapter is approved by the City Council, the fair <br />market value shall be determined as of the time of the approval of <br />that extension. In determining the fair market value as of time of <br />preliminary plat application, or the extension thereof, the factors <br />to be included in the analysis shall include any and all factors <br />which are generally accepted and used by approved members of SREA <br />or MAI or equivalent real estate appraisal societies. <br />D. Notwithstanding the above, in no event shall the <br />cash contribution per lot be less than ?500.00 per lot or $300.00 <br />per dwelling unit. <br />ORONO CC 472 (4-',-90) <br />a