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• PROPOSED PARK DEDICATION ORDINANCE <br /> 1008. 18 - DEDICATION OF LAND OR CONTRIBUTION OF CASH FOR <br /> PUBLIC PURPOSE <br /> 1 . In every plat, replat or subdivision of land to be developed <br /> for residential, commercial, industrial, or as a planned <br /> development which includes such uses or any combination <br /> thereof, as general rule, it is reasonable to require that: <br /> a) an amount of land equal in value to ten percent (10%) <br /> of the undeveloped land proposed to be subdivided <br /> shall be set aside and dedicated by the tract owner or <br /> owners to the general public as open space for parks, <br /> playgrounds, trails, or public open space; <br /> b) or, at the option of the City, the tract owner or <br /> owners shall contribute to the City an amount of cash <br /> equal to the fair market value of the undeveloped land <br /> otherwise required to be so set aside and dedicated, <br /> or set aside and dedicate a part of such land and <br /> contribute the balance of such undeveloped land value <br /> in cash. <br /> c) The City Council shall determine the amount of cash to <br /> be required by resolution from time to time. <br /> 2 . Any monies so paid to the City shall be placed in a special <br /> fund and used only for the acquisition of land for parks, <br /> playgrounds, trails, public open space and development of <br /> such areas and sites, and for debt retirement in connection <br /> with land previously acquired or developed for such public <br /> purposes. Any monies specifically paid to the City for <br /> Trails shall be use only for the acquisition of land for <br /> trails and for development of such areas and sites. <br /> a) For purposes of this Ordinance, "fair market value of <br /> the undeveloped land" is defined as the fair market <br /> value of the land within such plat, replat, or <br /> subdivision as of the date the plat, replat, or <br /> subdivision is presented to the City Council for <br /> approval of the final plat, as determined by the City <br /> Assessor in the same manner as he determines the fair <br /> market value of land for tax purposes . <br /> 3 . In addition, in every plat, replat, or subdivision of land <br /> to be developed for residential, commercial, industrial or <br /> as a planned unit development which includes such uses, the <br /> land required for public streets, regional storm water <br /> 111 holding ponds and wetlands shall be set aside and dedicated <br /> \\elkriver\sys\shrdoc\planning\stevewen\parkmmo\dedord.doc <br />