Laserfiche WebLink
subidviclpd or #»xisting lot of c#»cocd. <br />(2) Commprcial/Industrial Zoned Land. <br />Dedicat**d requirement of 8% 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 cash contribution is to be made by the subdivider, in <br />lieu of a conveyance or dedication of landf the cash contribution <br />to be contributred shall equivalent to the fair market value <br />of the equivalent undevel- land that would otherwise have been <br />conveyed or dedicated. -y shall account for such funds in <br />a special fund named Pa* ition Funds. <br />E. Fair Market Value o f Lands. "Fair Market Value" Cot <br />purposes of this Code shall be the land value to be determined by <br />the City Council as of the time of preliminary plat application <br />in accordance with the following: <br />(1) The City Assessor shall recommend o the C.ty Coucil as <br />to the fair market value of the 1 lifter consultation <br />with the subdivide!. <br />(2) If agreement is not reached between the City Assessor <br />and subdivider, then the fair market y i ue shall be <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 bv the subdivid.-r, at his expense. The <br />appraisal shall be made by appraisers who are <br />approved members of SREA oi 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 eastate 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 be paid by <br />the subdivider. <br />(3) The determination of fair market value of the <br />undeveloped land by the City Assessor, City Council, or <br />designated aporaisers, shall be determined as of the <br />time of preliminary plat application as long as there is <br />final plat approval within the time limits as set forth <br />in this chapter. The time of preliminary p]'t approval <br />is utilized because the nature of the subdivision, its <br />probable population, lot size and value, other <br />relevant factors are known. If an extension of the tiT- <br />limits in this chapter is fPP*^oved by City Council, <br />the fair market value shall be determined as of thr cime <br />of the approval of that extension. In determini; the