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i t c� 1\1 R-E61) 111e: <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, or industrial uses, or as a planned <br /> unit development which includes such uses or any combination <br /> thereof, it is reasonable to require that an amount of land equal <br /> in value to ten percent (10%) of the undeveloped land proposed to <br /> be subdivided shall be set aside and dedicated by the tract owner <br /> or owners to the City for parks, playgrounds, trails, or public <br /> open space. <br /> 2 . If the City Council, in its sole discretion, determines that <br /> the land proposed to be dedicated is unsuitable for parks, then <br /> the tract owner or owners shall contribute to the City, in lieu <br /> of park land dedication, an amount of cash not to exceed the fair <br /> market value of the undeveloped land required to be dedicated, as <br /> the City Council shall determine by resolution from time to time. <br /> 3 . Previously platted Residential Property on which park <br /> dedication has not been received by the City, being replatted <br /> with the same number of lots and the same number of dwelling <br /> units, shall be exempt from all park land dedication <br /> requirements . If the number of lots or the number of dwelling <br /> units is increased, then park dedication shall be made based on <br /> the number of additional lots or the number of additional <br /> dwelling units . <br /> 111 4 . Prior platted Commercial and Industrial land on which park <br /> dedication has not been received by the City, being replatted <br /> with the same land area, shall be exempt from all park dedication <br /> requirements . If land area is being added to a previously <br /> recorded plat, then additional park dedication requirements shall <br /> be based on the additional land being added. <br /> 5 . Any monies paid to the City in lieu of park dedication shall <br /> be placed in a special fund and used only for the acquisition of <br /> land for parks, playgrounds, trails, public open space; for the <br /> development of such areas and sites; and for debt retirement in <br /> connection with land previously acquired or developed for such <br /> public purposes. Any monies specifically paid to the City for <br /> trails shall be used only for the acquisition of land for trails <br /> and for the development of such land. <br /> 6. For purposes of this Ordinance, "fair market value of the <br /> undeveloped land" is defined as the fair market value of the land <br /> within such plat, replat, or subdivision as of the date the plat, <br /> replat, or subdivision is presented to the City Council for <br /> approval of the final plat, as determined by the City Assessor in <br /> the same manner as he determines the fair market value of land <br /> for tax purposes . <br /> 111 10.66 <br />