PRSR INFORMATION 1-13-1999 - Laserfiche WebLink

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01/12/1999 10: 02 4973210 ALBERTVILLEERT PAGE 04 (2) if the City requires payment of fees in lieu of land dedication, that the • fee shall equal ten (10) percent of the City's calculated fair market value for commercial property as if zoned in the classification requested by the applicant or developer. (3) If the City requires payment of fees In lieu of land dedication, that the fee shall equal five (5) percent of the City's calculated fair market value for the property as if zoned in the classification requested by the applicant or developer. (4) Where a combination land and cash dedication is made, the lands dedicated will be deducted from the total park dedication land requirement , and the balance of acreage will be multiplied by the current per acre dedication rate. (j) The City may elect to receive a combination of cash, land and development of the land for park use. The fair market value of the land the City wants and the value of the development of land shall be calculated. That amount shall be subtracted from the cash contribution required by applicable sub-section above. (k) 'Fair market value' shall be determined as of the time of the final plat approval in accordance with the following: ( (1) The City and the applicant may agree as to the fair market value • based upon a current appraisal. (2) The market value of the property as determined by a recent selling price of the parcel(s) in question. (I) Planned unit developments with mixed land uses shall make cash and/or land contributions in accordance with this Section based upon the percentage of land devoted to the various uses. (m) The City Council shall establish a separate fund into which all cash contributions received from owners and developers in lieu of conveyance or dedication of land for park, playground, trail and open space purposes shall be deposited. The City Council shall establish separate budgeting and accounting procedures for such fund and shall make from time to time appropriations for such purposes, for developing existing parks, or the development of new park facilities. (n) If an applicant is unable to make a commitment to the City as to the type of building that will be constructed on lots in the proposed plat, then the land and cash contribution requirement will be a reasonable amount as determined by the City Council. 600-17