AgdaPkt 2007-09-10 - Laserfiche WebLink

Browse Search

7B Page 17 The value of such private open space shali be determined by the City Council, based upon a professional appraisal produced by an independent consultant selected by the City and paid for by the subdivider. Such appraisal shall take into account only the value of such open space in the marketpiace if it were restricted to use as open space usabfe for active recreational uses and sofd separately from the remainder of the subdivision. The valuation shall not#aEce into account the amount the City (ar any other public entity) might pay for such open space unless, in the apinion of the City Council, the City or another public entity has an established history or policy of purchasing open space in the City of similar size, configuration and use. The credified amount shall be as follows: (i} 1 a0% credit for s�ace open ta the public during normal City Park hours. (ii) 25% credit for space open to the reside�ts of the subdivision only. C. Where a credit granted pursuant to paragraphs A or B is applied to a Eand dedicafiion requirement, as opposed to a fee requirement, the amount of such credit shall be calculated at a rate of 1 aere of credit for each $2,327,530 in value of park and recreational improvemenfis (in the case af a credit pursuant to paragraph A) or private open space useabie for active recreational uses (in the case of a credit pursuant ta paragraph B} 30.147 Use of Fees and Dedicated Land A. The city shall develop a schedule specifying how, when, and where it will use the land and fees accepted or collected pursuant to this Article to develop park or recreational facilities fio serve the residents of the subdivisions for which such dedications or payments have been made. Any fees collected shall be cammitted within five years after the payment of the fees or fihe issuance of building permits on one-half of the lots created by the subdivision, whichever accurs Iater, If the fees are not committed, they, without any deductions, shall be distributed and paid to the then record owners of the subdivision in the same proportion that the size of their iot bears to the tatal area of a!I lots within the subdivision. B. A11 fees callected shall be deposited into a subdivision park firust fund. Money in that fund, including accrued interest, shall be used aniy for the purpose of developing new or rehabilitating existing neighborhood or Community Park or recreational facilities that serve the subdivision for which the fees were paid. C. Land and improvements accepted by the City pursuant to this Article shali be used only for the purpose of developing new or rehabilitating existing neighborhood or Community Park or recreational facilities that serve the subdivisions for which the fees were paid. ATTY/ORD/ORD.287 090507