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•* <br />i> • • <br />>■________ <br />— <br />.'Tv <br />§ 11.62 <br />Subd 5 Fair Market Value of Lands. "Fair Market <br />preliminary plat application in accordance witn the following: <br />A The City Assessor shall 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 Fa’r market v»lue as determined by the City <br />council based upon a currc^ appraisal -.ubmitbed to the by the <br />subdivider, at his expense. The a-uraisal shall be made by <br />appraisers iho are approved members or SREA or MAI, or equivalent <br />real estate societies. <br />2 If the City disputes such appraisal <br />amounts, it may obtain an appraisal of the 'property by a qualified <br />real estate appraiser which the :ity Council selects and which <br />ap^aisal m^^be accepted by the City as bein, an accurate <br />appraisal at 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 <br />appraisers, shall be determined as of the time o pre ni-t <br />subdivision approval is granted as long as ^ P^^e <br />tiL of preliminary plat approval is ® <br />the subdivision, its probable population, lot siz the"time <br />other relevant factors are known. If an extension <br />limits in this chapter is approved by the City . <br />market value shall be determined as of the time of /PP5°^^^ ^ <br />that extension. In determining the fair market value as ot time of <br />preliminary plat application, or the extension thereof, <br />to be included in the analysis shall include any A <br />which are generally accepted and used by approved members of bRLA <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 <br />per dwelling unit. <br />Ik M <br />• • »ORONO CC 472 (4-9-90)