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The current park dedication ordinance provides for cash payment in <br />lieu of land dedication if no park land is re~aired. For <br />residential development, cash payment is based on 10% of the fair <br />market value of the undeveloped land or $500 per dwelling unit <br />whichever is greater. <br /> <br />A sampl~ ~ <br /> ~n~ of ~o~o~ ~'~'isicns is ~=~+o~ ~ .... ~ <br />c~ $500 per ', ~ ' <br /> . c~e__.ng unzt versus 10% cf the market value. The !and <br />values are based on the assessed values for lack of o~he_ <br />~ ~ ~ ~' ~ ~' is however, that assessed values on <br />undeveloped property is often va=~y lower than the ma.ke. · <br />This sampling does show the need for relying on recent murchase <br />documents or appraisals. <br /> <br /> <br />