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§ 11.62 <br />Subd. 5. Fair Market Value of Lands. "Fair Market Value" for purposes of this Code shall <br />be the land pre-development value to be determined by the City Council as of the time of <br />preliminar>' plat application in accordance with the following: <br />A. The City Assessor shall recommend to the City Council as to the fair market value <br />of the land after consultation with the subdivider. <br />B. If agreement is not reached between the City Assessor and subdivider, then the <br />fair market value shall be dctenr.ined in accordance with the following: <br />1. Fair market value as determined by the City Council based upon a current <br />appraisal submitted to the City by the subdivider, at his expense. The appraisal shall be made by <br />appraisers who are approved members of SREiA or MAI, or equivalent real estate societies. <br />2. If the City disputes such appraisal amounts, it may obtain an appraisal of <br />the property by a qualified real estate appraiser which the City Council selects and which appraisal <br />may be accepted by the City as being an accurate appraisal at fair market value. The cost of the <br />appraisal shall be paid by the subdivider. <br />3. The subdivider may appeal any final determination of fair market value <br />as provided by Minnesota Statute Section 462.361. <br />C. The determination of fair market value of the undeveloped land by the City <br />Assessor, City Council, or designated appraisers, shall be determined as of the time of preliminary <br />subdivision approval is granted as long as there is final plat approval within the time limits as set <br />forth in this chapter. The time of preliminary plat approval is utilized because the nature of the <br />suMivision, its probable population, lot size and value, and other relevant factors are known. If an <br />extension of the time limits in this chapter is approved by the City Council, the fair market value <br />shall be detennined as of the time of the approval of that extension. In determining the fair market <br />value as of time of preliminary plat application, or the extension thereof, the factors to E>e included <br />in the analysis shall include any and all factors which are generally accepted and used by approved <br />members of SREA or MAI or equivalent real estate appraisal societies. <br />ORONO CC 471 (4-9-90)