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U. Uontriouuon in Lieu of Land. In lieu or [na land dedication, the City may elect to require the subdivider to contribute a cash equivalent pay- ment to the city's Park and Open Space Fund, or, may require the developer to satisfy the park land dedication requirement by a combination of land and cash contribution. For all subdivisions, except residential subdivisions resulting in three (3) or fewer parcels, the maximum cash equivalent pay- ment shall be an amount equal to the fair market value of the percentage land dedication for the zoning district in which the subdivided property is located. The City shall determine the fair market value of the land by reference to current market data, if available, or by obtaining an appraisal from a licensed real estate appraiser. The subdivider shall pay for the cost of the appraisal. The fair market value determination of the appraiser shall be conclusive. Maximum cash equivalent pay- ments for residential subdivisions resulting in three (3) of fewer parcels shall be as determined from time to time by City Council resolution. E. Payments of Cash Contribution. Cash contribution payments shall be made to the City prior to final plat approval in those cases where the subdivision results in more than three (3) lots, and prior to the City's approval of the deeds of convey- ance in those cases where the subdivision will result in three (3) or fewer lots. Where there is a subdivision of proprty which as an existing resi- dential welling, no park dedication fee shall be required for the existing dwelling unit. F. Park and Open Space Fund. Cash contri- butions received pursuant to this Regulation shall be placed in a separate fund by the City and used only for parks, playgrounds, trails or open space purposes. Section 401.450. Lands Designated for Pub- lic Use on Comprehensive Plan or Official Maps. Where all or a portion of the area included in a proposed subdivision has been designated as a Park, playground, recreational area, proposed school site, or other public ground in the City's Comprehensive Plan or in an Official Map adopted pursuant thereto, the subdivider shall notify the appropriate governmental unit of the proposed subdivision of the property. The notice shall be given prior to submittal of the development appli- cation to the City of Lake Elmo. Prior to the City's review of the preliminary plat, the subdivider shall advise the City in writing of the status of the negotiations regarding such designated area. The Lake Elmo City Council hereby ordains that Sections 401.400(F) (1) through 401.400(F) (3), 401.400(G) through 401.400(H), 401.400(I) and its subdivisions, and 401.400(J) and its subdivi- sions of the Lake Elmo City Code are hereby repealed. Effective Date. This ordinance shall be ef- fective the day following its publication. Adoption Date. Passed by the City Council of the City of Lake Elmo the 4th day of June,1991. David Johnson, Mayor ATTEST: Mary Kueffner, City kdministrator Published in the St. Croix Valley Press June 19, 1991