§ 9-68.070. Amount of Fee in Lieu of Land Dedication

A.

If it is determined that a fee shall be paid in lieu of the dedication of land, the amount of the fee shall be based upon the fair market value of the amount of land, as determined from the Table of Values, which would otherwise be required to be dedicated in compliance with Section 9-70.060 and shall be determined in compliance with the following formula: the number of acres of land that would otherwise be required to be dedicated multiplied by the value of an acre of land within the subdivision as determined from the established Table of Values.

B.

The computation of the fair market value of an acre of land within the subdivision based upon established ranges in the Table of Values shall be consistent with the zoning of the property at the time the Zoning Clearance is issued by the City and shall be based on the following procedure:

1.

The City, District, and the subdivider may negotiate and thereafter agree as to the fair market value; or

2.

If an agreement cannot be reached, a subdivider at the subdivider's own expense, may obtain an appraisal of the land by a real estate appraiser, which appraisal may be accepted by the City and District if found to be reasonable; or

3.

If the City and District are not satisfied with the subdivider's appraisal, they may cause an appraisal to be made of the land, which appraisal shall utilize generally accepted and recognized methods of real estate appraisal.

C.

Unless a subdivider retains an appraiser, the City and District's determination of fair market value, shall be final and conclusive. If the City and District do not accept a subdivider's appraisal, their subsequent appraisal in compliance with Subsection (B)(3) shall be final and conclusive.

D.

This land value procedure shall be reviewed on an annual basis and shall be adjusted to current values on a no less than biennial basis. At the time of the annual review, if land values have not changed in either direction up or down, by at least five percent, no change shall be undertaken until the time of the biennial review.

(§ 5, Ord. 1085, eff. January 6, 2006)