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42 . 13 <br /> (2) Cash payments so received shall be placed in a special <br /> fund and used only for the acquisition of land for <br /> parks, playgrounds, public open space, and storm water • <br /> holding areas or ponds, development of existing park <br /> and playground sites , public open space and storm water <br /> holding areas or ponds , and debt retirement in connection <br /> with land previously acquired for such public purposes. <br /> Expenses incurred by the City in acquiring said cash <br /> • <br /> • dedication may be deducted from said dedication before <br /> it is deposited in the park and playground fund. <br /> (3) The Municipality, at its sole discretion, may take <br /> into consideration the open space, park, recreational <br /> or common areas and facilities which the subdivider <br /> has provided for the exclusive use of the residents <br /> of the subdivision, except that storm water holding areas <br /> or ponds, whether required by the Municipality or any <br /> other regulatory body, may not be taken into consideration. <br /> Subdivision 2 . Procedures. Upon receipt of a qualifying <br /> subdivision the Council shall refer it to the Park and Recreation <br /> Commission. Said commission shall report to the Council its <br /> recommendation as to whether there should be a land or a cash <br /> payment dedication. Upon receipt of the recommendation, the <br /> Council shall call for either a land dedication or a cash payment, <br /> in size, location or amount as it determines. The Council may <br /> require a professional appraisal to determine market value for <br /> purposes of a cash payment. <br /> Subdivision 3. Credit for Existing Single Family Dwelling. • <br /> The subdivider of any parcel of land shall receive a credit for <br /> the existing single family dwelling unit by excluding the acreage <br /> of the occupied parcel remaining after subdivision from the compu- <br /> tation of dwelling units per acre, if the parcel of land is <br /> zoned for single family residence and has located thereon one <br /> single family dwelling. <br /> Subdivision 4 . Dedication for Residential Lands. The <br /> subdivider of any tract of land which is to be developed for <br /> residential uses shall dedicate to the public for public use as <br /> parks, playgrounds, public open space, or storm water holding <br /> areas or ponds, that dollar value of the tract to be subdivided, <br /> which corresponds with the applicable density of the subdivision <br /> in the following schedule: <br /> Cash Dedication <br /> Gross Density Per Acre <br /> 0.0 - 2.0 Dwelling units per acre $100 <br /> 100 <br /> 2 .1 - 3.0 Dwelling units per acre 200 <br /> 3 .1 - 4 .0 Dwelling units per acre 250 <br /> 4 .1 - 5 .0 Dwelling units per acre <br /> Cash or Land <br /> Dedication <br /> 10$ • <br /> over 5. 0 Dwelling units per acre <br />