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SEP-28-1994 07:48 NAC 612 595 9837 P.05i08 <br /> 10-4-8 10-4-8 <br /> K. The City may elect to receive a combination of cash, land and <br /> development of the land for park use. The fair market value of <br /> the land the City wants and the value of the development of the <br /> land shall be calculated. That amount shall be subtracted from <br /> the cash contribution required by subsection J above. The <br /> remainder shall be the cash contribution requirement. <br /> L. 'Fair market value' shall be determined as of the time of filing <br /> the preliminary plat in accordance with the following: <br /> 1. The City and the developer may agree as to the fair market <br /> value, or <br /> 2. The fair market value may be based upon a current appraisal --- <br /> submitted to the City by -the subdivider at the subdivider's <br /> expense. The appraisal shall be made by appraisers who are <br /> approved members of the SREA or MAI, or equivalent real <br /> estate appraisal societies. <br /> 3. If the City disputes such appraisal the City may, at the <br /> subdivider's expense, obtain an appraisal of the property by a <br /> qualified real estate appraiser, which appraisal shall be <br /> r: conclusive evidence of the fair market value of the land. <br /> M. Subdividers of land abutting streets that have been designated in <br /> the City's Comprehensive Trail Systems Plan for the construction <br /> of a trail shall be required to pay flve-eighths (5/j of the cost of <br /> constructing the trail. <br /> ( N. Residential subdividers shall pay a fee of one hundred fifty <br /> dollars ($150.00) per residential dwelling unit for trails. This <br /> payment is requirement whether or not the subdivider is required <br /> to construct trails. <br /> O. Planned developments with mixed land uses shall make cash <br /> and/or land contributions in accordance with this Section based <br /> upon the percentage of land devoted to the various uses. <br /> P. Park cash contributions are to be calculated at the time of final <br /> plat approval. The Council may require the payment at the time <br /> of final plat approval or at a later time under terms agreed upon <br /> in the development agreement. Delayed payment shall include <br /> interest at a rate set by the City. <br /> 294 <br /> City of Lakeville <br />