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56 <br />• <br />in lieu of the land dedication as <br />established- by y Council resolution. The amount is the city's best e e of the effect of e <br />subdivision on the city's park system. <br />(1-09) All land proposed for park, trail. and /or bike open space dedication shall be subject to the <br />recommendations of the Park Board and approval of the City Council. <br />the- feliowing: <br />(10) The City may at its discretion choose to require a cash fee as set by ordinance in lieu of land <br />dedication for some or all of the new lots created in the subdivision. Combined land dedication and cash in <br />lieu of land shall be calculated as follows: <br />(a) The total number of residential dwelling units in the development shall be multiplied by the <br />residential per unit park dedication charge established by the City Council. The result of this <br />calculation is equal to the cash -in -lieu total if all park dedication for the subdivision were to <br />be cash in lieu of land. <br />(total number of lots) x (park dedication charge) = cash -in -lieu total <br />(b) The value of land being dedicated shall be based on the per -acre market value of the land <br />multiplied by the number of acres being dedicated: <br />(acres of land dedication) x (per -acre market value) = value of land dedication <br />The market value of the land shall be based on an appraisal of fair market value of the <br />unplatted land (for which park fees have not already been paid) no later than the time of <br />approval of the final plat. <br />(c) The amount of cash to be contributed in combination with land is the cash -in -lieu balance, <br />which shall be calculated with the following formula: <br />(cash -in -lieu total) - (value of land dedication) = cash -in -lieu balance <br />DRAFT JANUARY 5, 2009 <br />• <br />