9.D. PRSR 05-12-1999 - Laserfiche WebLink

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1008.18 - DEDICATION OF LAND OR CONTRIBUTION OF CASH FOR • PUBLIC PURPOSE 1 . In every plat, replat or subdivision of land to be developed for residential, commercial, industrial, or as a planned development which includes such uses or any combination thereof, as general rule, it is reasonable to require that an amount of land equal in value to ten percent (10%) of the undeveloped land proposed to be subdivided shall be set aside and dedicated by the tract owner or owners to the general public as open space for parks, playgrounds, trails, or public open space; or, at the option of the City, the tract owner or owners shall contribute to the City an amount of cash equal to the fair market value of the undeveloped land otherwise required to be so set aside and dedicated, or set aside and dedicate a part of such land and contribute the balance of such undeveloped land value in cash. The City Council shall determine the amount to be required by resolution from time to time. Any monies so paid to the City shall be placed in a special fund and used only for the acquisition of land for parks, playgrounds, trails, public open space and development of such areas and sites, and for debt retirement in connection with land previously acquired or developed for such public purposes. For purposes of this Ordinance, "fair market value of the undeveloped land" is defined as the fair market value of the land within such plat, replat, or subdivision as of the date the plat, replat, or subdivision is presented to the City Council for approval of the final plat, as determined by the City Assessor in the same manner as he determines the fair market value of land for tax purposes. 2 . In addition, in every plat, replat, or subdivision of land to be developed for residential, commercial, industrial or as a planned unit development which includes such uses, the land required for public streets, regional storm water holding ponds and wetlands shall be set aside and dedicated on the plat by the owners to the City. These areas will not be credited towards any park dedication requirements.