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ZCHUMG APPLICAYTOWS (CONT.) <br />PARK DEDICATION FEES I Ordinance #82, 2nd Series <br />Amended #89, 2nd Series <br />Cash Contribution in Lieu of Lands. In those instances where a cash <br />contr ibut"ion is to be made by the sudbivider, in lieu of a conveyance or <br />dedication of land, the cash contribution to be contributed shall be equivalent <br />to the fair market value of the equivalent undeveloped land that would otherwise <br />have been conveyed or dedicated. The City shall account for such funds in a <br />special fund named Park Dedication Funds. <br />Land Dedication Minimum Area - Subdividers shall be required to dedicate to the <br />City for parks, playgrounds, trails, open spaces and other public purposes as a <br />minimum that percentage of gross land area, or other such amount as may be <br />determined by the City Council, as set forth below: <br />(1) Residential/Agricultural/Multiple Residential Zoned Land. <br />Dedication requirement of 8% of the land being platted, subdivided or <br />existing lot of record. <br />(2) Commercial/Industrial Zoned Land. <br />Dedicated requirement of 8% of the land being platted subdivided or <br />existing lot of record.