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Dedication r<'quiof 8% of the land being platted, <br />subdivided or existing lot of record. <br />(2) Comm*'rcial/Industrial Zoned Land. <br />Dedicated 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 />by the subdividet, inwhere a cash contribution is to be made -------- <br />lieu of a conveyance or dedication of land, the cash contribution <br />to be contributed shall be equivalent to the fair market value of <br />the equivalent undeveloped land that would otherwise have been <br />conveyed or dedicat^'d. The City shall account for such funds in <br />a special fund named Park Dedication Funds. <br />E. Fair Market Value of Lands. "Fair Market Value" for <br />purposes of'thls Code shall be the land pr‘'-dev<'lopment value to <br />be det'^rmined 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 : 'hed betw'^^'n the City Ass^'ssor <br />and subdivider, ther ' fair market value shall be <br />determined in accordanc- 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 subdivid»'r, 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, 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 fait market <br />value. The cost of the appraisal shall be paid by <br />the subdividec. <br />(c) The subdivider may appeal any final determination <br />of fair mark*'t value as provided by Minnesota <br />Statute Section 462.361. <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 subdivision approval is granted as <br />long as there is final plat approval within the time <br />limits as set forth in this chapter. The tim? of <br />preliminary plat approval is utilized because the nature