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Sec. 30-327. Dedication of land or contribution of cash for public purpose. <br /> (a) Dedications for park purposes required. In every plat, replat or subdivision of land to be <br /> developed for residential, commercial, or industrial uses, or as a planned unit development <br /> which includes such uses or any combination thereof, it is reasonable to require that an <br /> amount of land equal in value to ten percent of the undeveloped land proposed to be <br /> subdivided shall be set aside and dedicated by the tract owner or owners to the city for <br /> parks, playgrounds, trails, or public open space. <br /> (b) Cash contribution in lieu of land dedication. If the city council, in its sole discretion, <br /> determines that the land proposed to be dedicated is unsuitable for parks, then the tract <br /> owner shall contribute to the city, in lieu of park land dedication, an amount of cash not to <br /> exceed the fair market value of the undeveloped land required to be dedicated, as the city <br /> council shall determine by resolution from time to time. <br /> (c) Replatted residential property. Previously platted residential property on which park <br /> dedication has not been received by the city, being replatted with the same number of lots <br /> and the same number of dwelling units, shall be exempt from all park land dedication <br /> requirements. If the number of lots or the number of dwelling units is increased, then park <br /> dedication shall be made based on the number of additional lots or the number of additional <br /> dwelling units. <br /> (d) Replatted commercial or industrial property. Prior platted commercial and industrial land <br /> on which park dedication has not been received by the city, being replatted with the same <br /> land area, shall be exempt from all park dedication requirements. If land area is being added <br /> to a previously recorded plat, then additional park dedication requirements shall be based on <br /> the additional land being added. <br /> (e) Use of cash contributions. Any monies paid to the city in lieu of park dedication shall be <br /> placed in a special fund and used only for the acquisition of land for parks, playgrounds, <br /> trails, and public open space; for the development of such areas and sites; and for debt <br /> retirement in connection with land previously acquired or developed for such public <br /> purposes. Any monies specifically paid to the city for trails shall be used only for the <br /> acquisition of land for trails and for the development of such land. <br /> (f) Determination of fair market value of land. For purposes of this section, the term "fair <br /> market value of the undeveloped land" is defined as the fair market value of the land within <br /> such plat, replat, or subdivision as of the date the plat, replat, or subdivision is presented to <br /> the city council for approval of the final plat, as determined by the city in the same manner as <br /> the county assessor determines the fair market value of land for tax purposes. <br /> (g) Dedications for purposes other than parks. In addition, in every plat, replat, or subdivision <br /> of land, the land required for public streets, regional stormwater holding ponds and wetlands <br /> shall be set aside and dedicated on the plat by the owners to the city for these purposes. <br /> These areas will not be credited towards park dedication requirements. <br /> (h) Criteria for determining suitability of land. The suitability of land proposed to be dedicated <br /> for park and recreational purposes shall be determined by reference to the following criteria: <br />