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(1) Residential/Agricultural/Multiple Residential Zoned <br />Land. <br />Dedication requirement of 10% of the land being platted, <br />suodivided or existing lot of record. <br />(2) Commercial/Industrial Zoned Land. <br />Dedication requirement of 10% of the land being platted, <br />subdivided or existing lot of record. <br />D, Cash Contribution in Lieu of Lands. In those instances <br />where a casn contribution is to be maae bythe subdivider, in lieu <br />of a conveyance or dedication of land, the cash contribution to be <br />contributed shall be equivalent to the fair market value of the <br />ecuivalent undeveloped land that would otherwise have been con­ <br />veyed or dedicated. <br />f <br />E. Fair Market Value of Lands.Fair Market Value" for pur- <br />be the land value to be determined by theposes of this Code shall <br />City Council as of the time of preliminary plat application in <br />accordance with the following: <br />(1) The City Assessor shall recommend to the City Council as <br />to the fair market value of the land after consultation <br />with the subdivider. <br />(2) If agreement is not reached between the City Assessor <br />and subdivider, then the fair market value shall be <br />determined in accordance with the following: <br /># * <br />(a) Fair market value as determined by the City Council <br />based upon a current appraisal submitted to the <br />City by the subdivider*, at his expense. The <br />appraisal shall be made by appraisers who are <br />. approved members of SREA or MAI, or equivalent real <br />estate societies. <br />(b) If the City disputes such appraisal amounts, it may <br />obtain an appraisal of the property by a qualified <br />real estate appraiser which the City Council <br />selects and which appraisal may be accepted by the <br />City as being an accurate appraisal at fair market <br />value. The cost of the appraisal shall he :jaid by <br />the subdivider. <br />(3) The determination of fair market value of the undevel­ <br />oped land by the City Assessor, City Council, or desig­ <br />nated appraisers, shall be determined as of the time of <br />preliminary plat application as long as there is final <br />plat approval within the time limits as set forth in <br />this chapter. The time of preliminary plat approval