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Dedication cequirerarnt of 8% of the land being platted, <br />subidvided or existing lot of record. <br />(2) Commercial/Industrial Zonk'd Land. <br />Dedicated requirement of 8% of the . <br />subdivided or existing lot of record. <br />id being platted <br />D. Cash Contribution in Lieu of Lands. In those instances <br />where a cash contribution Ti to be made by the subdivider, in <br />lieu of a conveyance or dedication of land, the cash contribution <br />to be contributred shall be equivalent to the fair market value <br />of the equivalent undeveloped land that would otherwise have been <br />conveyed or dedicated. The City shall account for such funds in <br />a special fund named Park Dedication Funds. <br />Fair Market Value of Lands. "Fair Market Value" for <br />purposes of thTs Code sHall be the land pre-deyelopment 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) The City Assessor shall recommend to the City Coucil 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 />(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 secieties. <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 />(c) The subdivider may appeal any final determination <br />of fair market value as prov ided" by Minnesota <br />Statute Section 462.361. (optional) <br />(3) The determination of fair market value of the <br />undeveloped land by the City Assessor, City Council, or <br />designated appraisers, shall be determined as of the <br />time of preliminary plat application subdivision <br />approval is granted as long as there is fina ”I plat <br />approvaT within the time limits as set forth in this