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• or stream, shall be either (i) dedicated to the City for public <br /> use, or (ii) subject to a perpetual easement in favor of the City <br /> over and in said land and the bed and water body of such lake, <br /> pond. or stream for the purpose of protecting the hydraulic <br /> efficiency and the natural character and beauty of such lake, <br /> pond, or stream. The Planning Commission shall determine which <br /> of these options is more appropriate and shall recommend to the <br /> City Council one of said options . In either case. there shall <br /> also then be granted to the City the right of ingress to and <br /> egress from the said strip of land with men, equipment and <br /> materials. Where the easement is determined to be in the best <br /> interests of the City. said easement shall also provide that the <br /> owners of the areas as to which said easement is granted shall <br /> not make, do, or place any fill. grading. improvement or <br /> development of any kind on or to such easement area. or raise the <br /> level of the easement area in any way. but all such right to <br /> fill, grade. improve and develop, and to raise the level of the <br /> easement area shall be granted by said easement to the City. <br /> 1008.18 - DEDICATION OF LAND OR CONTRIBUTION OF CASH FOR <br /> PUBLIC PURPOSE <br /> In every plat, replat, or subdivision of land to be developed for <br /> residential, commercial, industrial, or other use, or as a <br /> • planned development which includes residential, commercial and <br /> industrial uses, or any combination thereof, or multiple <br /> principal otructurco on a lot permittcd purouant to Scction <br /> 900 .20, as general rule, it is reasonable to require that an <br /> amount of land equal in value to ten percent (10%) of the <br /> undeveloped land proposed to be subdivided shall be set aside and <br /> dedicated by the tract owner or owners to the general public as <br /> open space for parks, playgrounds, public open space, or storm <br /> water holding areas or ponds; or, at the option of the City, the <br /> tract owner or owners shall contribute to the City an amount of <br /> cash equal to the fair market value of the undeveloped land <br /> otherwise required to be so set aside and dedicated, or set aside <br /> and dedicate a part of such land and contribute the balance of <br /> such undeveloped land value in cash. The City Council shall <br /> determine the amount to be required by resolution from time to <br /> time. Any monies so paid to the City shall be place in a special <br /> fund and used only for the acquisition of land for parks, <br /> playgrounds, public open space, and storm water holding ponds; <br /> development of existing parks and playground sites, public open <br /> spaces and storm water holding area or ponds, and debt retirement <br /> in connection with land previously acquired for such public <br /> purpose. For purposes of this Ordinance, "fair market value of <br /> the undeveloped land" is defined as the fair market value of the <br /> • land within such plat, replat, or subdivision as of the date the <br /> plat, replat, or subdivision is presented to the City Council for <br /> 10.4146 <br />