6.7.C. SR 03-15-1993 - Laserfiche WebLink

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. {~ . * . 1008.18 - DEDICATION OF LAND OR CONTRIBUTION OF CASH FOR PUBLIC PURPOSE In every platl replat, or subdivision of land to be developed for residentiall commercial, industrial 1 or other use, or as a planned development which includes residential, commercial and industrial uses, or any combination thereof, or multiple principal structures on a lot permitted pursuant to Section 900.201 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, public open spacel or storm water holding areas or ponds; or, at the option of the CitYI 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 place in a special fund and used only for the acquisition of land for parks, playgrounds, public open spacel and storm water holding ponds; development of existing parks and playground sites, public open spaces and storm water holding area or ponds, and debt retirement in connection with 10.37 land ~reviously acquired for such public purpose. For purposes ,?f th~~ Ordinance, "fair market value of the undeveloped land" ~s def~ned as the fair market value of the land within such plat, r~p~a~, o~ subdivision as of the date the plat, replatl or SU~d~v~s~on ~s presented to the City Council for approval of the f~nal plat, as determined by the City Assessor in the same manner as he determines the fair market value of land for tax purposes. )~ *