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7 <br /> (5) In any subdivision of a parcel of land for residential <br /> purposes on which a cash contribution has previously been <br /> made, but on which an additional cash contribution is <br /> required due to resubdivision, the amount of cash contri- <br /> bution required in connection with the resubdivision shall <br /> be based on the new gross density for the original tract as <br /> subdivided and resubdivided, less any applicable credit for <br /> prior cash contributions. In any subdivision of a parcel for <br /> commercial or industrial purposes on which a cash contribution <br /> has previously been made, but on which an additional cash <br /> contribution is required due to resubdivision, the amount of <br /> the cash contribution required in connection with the <br /> resubdivision shall be based on the same percentage that was <br /> applied to the original subdivision, and the subdivider shall <br /> receive credit for the amount of the previous pay►ant <br /> attributable to the parcel or parcels resulting from the <br /> resubdivision. <br /> (C) FUND FOR CASH PAY1TENTS. Cash contributions received under the <br /> foregoing sections shall be placed in a special fund and used only for <br /> the acquisition of land for parks, playgrounds, public open space and <br /> storm water holding areas or ponds; development of existing park and <br /> playground sites, public open space and storm water holding areas or <br /> ponds; and debt retirement in connection with land previously acquired <br /> for such public purposes. <br /> (D) CASH EQUIVALENT PAYMENTS. Prior to approval of the subdivision, <br /> 411 <br /> the subdivider shall reit to the City of Shoreview any cash <br /> contribution required pursuant to the foregoing sections. The City <br /> of Shoreview in its discretion, may enter into a written agreernt <br /> with Lilo subdivider for payment of the cash contribution on an <br /> installment basis, which agreement shall contain fixed amounts due <br /> at fixed intervals and at a certain rate of interest. The specific <br /> agreement shall be determined by the facts in each case. <br /> PASSED by the City Council of the City of Shoreview,this 1st day of <br /> ' <br /> 2 <br /> August 1977. / <br /> ,4„), <br /> ‘,.____„-s Olson, Mayor <br /> A`i TEST <br /> Gary i,. i, ckson, City Manager <br /> PUBLISHED ON Ti] 4th„ DAY OF August , 1977. <br /> 411 <br />