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54 contribution shall be required above the land dedication to ensure that compensation is received for the full amount of the impact on the city's park and trail system. (8) In all new residential, commercial and industrial subdivisions, 10% of the area subdivided shall be dedicated for public recreation space or other public use as established by City Council resolution. A different percentage may be applied as the City Council shall determine to be reasonably necessary as a result of the subdivision approval. This 10% shall be calculated on the net area, which is the gross area of the subdivided property minus the area in wetlands. The land dedicated for public recreation shall be in addition to property dedicated for streets, alleys, easements, or other public ways. No areas may be dedicated for public use until the areas have been approved by the City Council as suitable and necessary for the health, safety, convenience and general welfare of the city. established by City Council resolution. The amount is the city's best estimate of the effect of the subdivision on the city's park system. (4-09) All land proposed for park, trail, and/or bikeway open space dedication shall be subject to the recommendations of the Park Board and approval of the City Council. (11) The city may elect at its sole discretion to receive a combination of cash, land, and development of the following: (10) The City may at its discretion choose to require a cash fee as set by ordinance in lieu of land dedication for some or all of the new lots created in the subdivision. Combined land dedication and cash in lieu of land shall be calculated as follows: (a) The total number of residential dwelling units in the development shall be multiplied by the residential per unit park dedication charge established by the City Council. The result of this calculation is equal to the cash -in -lieu total if all park dedication for the subdivision were to be cash in lieu of land. (total number of lots) x (park dedication charge) = cash -in -lieu total (b) The value of land being dedicated shall be based on the per -acre market value of the land multiplied by the number of acres being dedicated: (acres of land dedication) x (per -acre market value) = value of land dedication The market value of the land shall be based on an appraisal of fair market value of the unplatted land (for which park fees have not already been paid) no later than the time of approval of the final plat. DRAFT JANUARY 26, 2009 • •