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City of Arden Hills Chapter 11 - Subdivisions <br /> <br /> 11 - 2 <br />Adopted August 12, 2002 <br />the fair market value of the property at the time of final approval of the <br />development application. The fair market value of the property shall be <br />determined by reference to current appraisal data or sales information. When <br />appraisal data is utilized, the developer shall reimburse the City for the cost <br />of the appraisal prior to the issuance of any development permits. <br /> <br />E. Installment payment. The City Council, at its option, may permit the <br />developer to submit two-thirds (2/3) of the cash equivalency payment over a <br />period of time pursuant to an installment payment agreement approved by <br />the city attorney. The agreement shall require the payment of interest on the <br />unpaid principal; shall require final payment within eighteen (18) months; and <br />shall require security for the unpaid principal portion thereof. The City may <br />withhold development or building permits for any portion of the project if the <br />developer does not comply with the terms of the installment payment <br />agreement. <br /> <br />F. Restriction of use of cash contributions. All cash contributions received <br />by the City pursuant to this provision shall be placed in a special fund and <br />used only for the acquisition of land for parks, playgrounds, trails, wetlands or <br />open space; for development of existing parks, playgrounds, trails, wetlands <br />or open space areas; or for debt retirement in connection with land previously <br />acquired for such purposes. <br />