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(4) Cash contribution in lieu of lands. In those instances where a cash contribution is to be made by <br /> the subdivider, in lieu of a conveyance or dedication of land, the cash contribution to be <br /> 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 the foregoing. <br /> (5) Fair market value of lands. Fair market value for purposes of this section shall be the land <br /> predevelopment value to be determined by the city council as of the time of preliminary plat <br /> application in accordance with the following: <br /> a. The city assessor shall recommend to the city council as to the fair market value of the land <br /> after consultation with the subdivider. <br /> b. If agreement is not reached between the city assessor and subdivider, the fair market value <br /> shall be determined in accordance with the following: <br /> 1. Fair market value as determined by the city council based upon a current appraisal <br /> submitted to the city by the subdivider,at their expense. The appraisal shall be made by <br /> appraisers who are approved members of SREA or MAI, or equivalent real estate <br /> societies. <br /> 2. If the city disputes such appraisal amounts, it may obtain an appraisal of the property <br /> 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 <br /> of the appraisal shall be paid by the subdivider. <br /> c. The determination of fair market value of the undeveloped land by the city assessor, city <br /> council or designated appraisers shall be determined at the time of preliminary subdivision <br /> approval, provided that there is final plat approval within the time limits as set forth in this <br /> 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. <br /> If an extension of the time 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 that extension. In <br /> determining the fair market value as of time of preliminary plat application,or its extension, <br /> the factors to be included in the analysis shall include any and all factors which are generally <br /> accepted and used by approved members of SREA or MAI or equivalent real estate appraisal <br /> societies. <br /> (6) Future subdivision. Any land which is further subdivided, divided or applied for such <br /> subdivision, division subsequent to May 1, 1990, shall be subject to the requirements of the <br /> ordinance then in effect concerning dedication of land for public purposes; and credit shall be <br /> given for any charges previously imposed upon that land if the subdivider can prove that fees <br /> were previously paid. In no event shall the city be liable for any payment which may be due <br /> because of a subsequent reduction in the application percentage of land or equivalent market value <br /> in cash to be dedicated. <br /> Secs. 82-227-82-250. - Reserved. <br /> DIVISION 2.- LOTS <br /> Sec. 82-251.—Security to include lot improvement. <br /> The security required shall include an amount to guarantee completion of all requirements contained <br /> in this division, including but not limited to erosion control, soil preservation, final grading, lot drainage, <br /> Final Draft page 29 <br />