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Dedication c^'quii-ment of 8% of th- land b^ing platt^'d, <br />subdivided or existing lot of c^'cord. <br />(2) Conunercial/Industrial Zoned Land. <br />Dedicated r-quirement of 8% of the land b^ing platt*'d <br />subdivided or existing lot of r«'cocd. <br />the eouivalent undeveloped land that would otherwise hav#* be n <br />convr?rd or dedicat*'d. The City shall account for such funds in <br />a sp^'cial fund named Park Dedication Funds. <br />P Pair Market Valu e of Lands. "Fair Market Value" for <br />DUCPOses^oV this Coa^Thall be the land pre-development value to <br />be determined by the City Council as of the time of preliminary <br />plat application in accordance with the following: <br />(1) <br />with the subdividet. <br />(2)If agreement is not reached between the City Assessor <br />and subdivider, then the fair market value shall b. <br />determined in accordance with the following: <br />(a)Fair market value as determined by the City Council <br />based upon a current appraisal submitted to the <br />City by the subdividet, at his expense The <br />appraisal shall be made by appraisers who ate <br />approved members of SREA or MAI, or equivalent teal <br />estate societies. <br />(b)If the City disputes such appraisal amounts, may <br />obtain an appraisal of the property by a qualified <br />selects*ind^'Vi??"ipcaisal "may <br />the subdividet. <br />(c)The subdividet may appeal any final determination <br />Of fait market value as provided by Minnesota <br />Statute Section 462.361. <br />(3)The determination of fair market value of th^ <br />undeveloped land by the City Assessor, <br />designated appraisers, shall be determined as of the <br />tiae^f preliminary subdivision approval i: <br />long as there is final plat approval within the time <br />1 inifcs as set forth in this chapter. The time of <br />Jc%minacy plat approval is utilised because the nature