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5. Fair Market Value. Fair market value shall be determined as of the time of filing the Final Plat in accordance with the following: (i) The City and developer may agree as to the fair market value; or (ii) The fair market value may be based upon a current appraisal submitted to the City by the subdivider at the subdivider's expense. The appraisal shall be made by an appraiser who is an approved member of the SREA or MAI, or equivalent real estate appraisal societies. (iii) If the City disputes such appraisal, the City may, at the subdivider's expense, obtain an appraisal of the property by a qualified real estate appraiser, which appraisal shall be conclusive evidence of the fair market value of the land. 6. Property being subdivided without an increase in the number of lots shall be exempt from park dedication requirements if similar requirements were satisfied in conjunction with an earlier subdivision. If the number of lots is increased, then the dedication shall be based on the additional lots created. 7. Any land required to be dedicated for park, trails, or open space purposes as defined in this section shall be conveyed to the City prior to the City's release of the Final Plat for filing. 8. Cash contributions for land dedication or park improvements are to be calculated at the time of the Final Plat approval. The City may require the payment at the time of the Final Plat approval or at a later time under terms agreed upon in the development agreement. Delayed payment shall include interest at a rate set by the City. SECTION 2. This Ordinance shall be effective immediately upon its passage and publication according to law. PASSED and ADOPTED this 14th day of December, 2015, by the City Council of the City of Arden Hills, Minnesota. CITY OF ARDEN HILLS By iadiJ:� David Grant, Mayor ATST: 7 tA � Amy Dietl, Ci Clerk L�` Published on December 23, 2015. 4 184087