§ 7. Money in lieu of land.

Where the council determines that a payment of money in lieu of land shall be made, the following provisions shall apply:

1.

Amount required to be paid.

a.

Any payment of money required to be paid by this ordinance shall be in an amount equal to the average per acre value of the whole property included within the residential development. The acquisition price for land shall be equal to the appraised value of the land based at the time of final plat approval.

b.

In determining the average per acre value of the total land included within the proposed residential development, the council may base its determination on one or more of the following:

(i)

The most recent appraisal of all or part of the property made by the central appraisal district; or

(ii)

Confirm sale prices of all or part of the property to be developed, or comparable property in close proximity thereof, which have occurred within two (2) years immediately preceding the date of determination; or

(iii)

Where, in the judgment of the council, (i) or (ii) above would not, because of changed conditions, be a reliable indication of the then current value of the land being developed, an independent appraisal of the whole property shall be obtained by the city and paid for by the developer.

2.

Time of payment. Any payment of money required herein shall be paid as a condition of approval of any final plat or replat. Payment shall be made prior to the filing of the plat unless otherwise stated in a facilities agreement approved by the council.

3.

Park development fund. All cash payments paid to the city in accordance with this ordinance shall be deposited in a separate park development fund. The city shall account for all such payments with reference to each development for which the payment is made.

4.

Use of Funds. Any payments made to the park development fund shall be used solely for the acquisition, development, expansion or upgrading of parks located within the same planning area as identified on the future parks plan or general area where the proposed development for which payment was made is located, or an area so located and in such proximity to the development so as to serve or benefit persons reading therein as approved by the council.

5.

Right to Refund. If all or part of the payments made for a development are not expended or not under contract to be expended (the "unexpended funds") for the purposes authorized herein within five (5) years of the date that ninety-five (95) percent of all certificates of occupancy have been issued for the completed development of the property (the "95% date") for which the payments were made (or, in the event any such payment is made pursuant to an agreement between the city and the owner of property after the 95% date, then within five (5) years after the date of receipt of such payment), the person or entity who made such payments shall be entitled to a refund on all unexpended funds if a written request for refund has been made within one (1) year of entitlement. If no such timely request is made the right to a refund of the unexpended funds shall be considered waived.

(Ord. No. 97-1007, 12-1-1997)