Agenda - Council - 04/25/1989 - Laserfiche WebLink

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170.066 CASH PAYMENT In lieu of land dedication, the city Council may require the subdivider to contribute ten percent (10%) of the fair market value of the undeveloped land of residential developments or five percent (5%) of commercial/indus- trial developments which value is to be determined no later than final plat approval or a specified contribution per dwelling unit, whichever amount is greater. "Fair Market Value", for purposes of this Section 170.066, shall be determined as of the time of filing the final plat application in accordance with the following: ae The city Park and Recreation Commission and subdivider may agree upon a recommendation to the City Council as to the fair market value. The city Council after reviewing the Park and Recreation Commission's recommendation, may agree with the subdivider as to the fair market value. If agreement is not reached in this manner, then fair market value shall be determined in accordance with the following: The fair market value as determined by the City Council based upon appraisals, accepted purchase agreements, comparable market transactions or other pertinent records as determined by the City Council. The City Council, upon review and recommendation of the Park and Recreation Commission shall annually dete~mine by resolution the park and dedication fee per residential unit. The cash contribution per dwelling unit, effective upon the effective date of this ordinance shall be in accordance with the following schedule: HOUSING TYPE CASH CONTRiBUTiON PER P~SiDENTIAL DWeLLiNG UNiT single Family Duplex Quads/Townhouses Apartments $425.00/dwe!ling unit $360.00/dwel!ing unit $320.00/dwe!ling unit $265.00/dwe!!ing unit