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462.358 MINNESOTA STATUTES 2020 2 <br />and return to the applicant any and all financial securities tied to the requirements. If the municipality fails <br />to release and return the letters of credit within the 30-day period, any interest accrued will be paid to the <br />applicant. If the municipality determines that the conditions required for approval under this subdivision <br />have not been satisfied, the municipality must send written notice within seven business days upon receipt <br />of the certified letter indicating to the applicant which specific conditions have not been met. The municipality <br />shall require a maintenance or performance bond from any subcontractor that has not yet completed all <br />remaining requirements of the municipality. <br />The regulations may permit the municipality to condition its approval on compliance with other <br />requirements reasonably related to the provisions of the regulations and to execute development contracts <br />embodying the terms and conditions of approval. The municipality may enforce such agreements and <br />conditions by appropriate legal and equitable remedies. <br />Subd. 2b. Dedication. (a) The regulations may require that a reasonable portion of the buildable land, <br />as defined by municipal ordinance, of any proposed subdivision be dedicated to the public or preserved for <br />public use as streets, roads, sewers, electric, gas, and water facilities, storm water drainage and holding areas <br />or ponds and similar utilities and improvements, parks, recreational facilities as defined in section 471.191, <br />playgrounds, trails, wetlands, or open space. The requirement must be imposed by ordinance or under the <br />procedures established in section 462.353, subdivision 4a. <br />(b) If a municipality adopts the ordinance or proceeds under section 462.353, subdivision 4a, as required <br />by paragraph (a), the municipality must adopt a capital improvement budget and have a parks and open <br />space plan or have a parks, trails, and open space component in its comprehensive plan subject to the terms <br />and conditions in this paragraph and paragraphs (c) to (i). <br />(c) The municipality may choose to accept a cash fee as set by ordinance from the applicant for some <br />or all of the new lots created in the subdivision, based on the average fair market value of the unplatted land <br />for which park fees have not already been paid that is, no later than at the time of final approval or under <br />the city's adopted comprehensive plan, to be served by municipal sanitary sewer and water service or <br />community septic and private well as authorized by state law. For purposes of redevelopment on developed <br />land, the municipality may choose to accept a cash fee based on fair market value of the land no later than <br />the time of final approval. "Fair market value" means the value of the land as determined by the municipality <br />annually based on tax valuation or other relevant data. If the municipality's calculation of valuation is objected <br />to by the applicant, then the value shall be as negotiated between the municipality and the applicant, or based <br />on the market value as determined by the municipality based on an independent appraisal of land in a same <br />or similar land use category. <br />(d) In establishing the portion to be dedicated or preserved or the cash fee, the regulations shall give <br />due consideration to the open space, recreational, or common areas and facilities open to the public that the <br />applicant proposes to reserve for the subdivision. <br />(e) The municipality must reasonably determine that it will need to acquire that portion of land for the <br />purposes stated in this subdivision as a result of approval of the subdivision. <br />(f) Cash payments received must be placed by the municipality in a special fund to be used only for the <br />purposes for which the money was obtained. <br />(g) Cash payments received must be used only for the acquisition and development or improvement of <br />parks, recreational facilities, playgrounds, trails, wetlands, or open space based on the approved park systems <br />plan. Cash payments must not be used for ongoing operation or maintenance of parks, recreational facilities, <br />playgrounds, trails, wetlands, or open space. <br />Official Publication of the State of Minnesota <br />Revisor of Statutes <br />