03-21-1991 PTRC Minutes - Laserfiche WebLink

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i ( 1 ) Residential Projects. • Gross Densit in D`L Ma�:imum ercentaQe Dwelling Units per Acre Dedication 0 to 2 6% Over 2 to 3 7 Over 3 to 4 8$ In excess of 4 10$ ( 2 ) Non-Residential Projects or Combination Residential and Commercial Projects. The percentage of dedica- tion for non-residential projects or combination residential./commercial projects shall not exceed 10-t. ( 3 ) Delineation of Area to be Dedicated. The area to be dedicated for recreation and conservation uses shell be delineated on the proposed plat or otherwise conveyed by easement to the City prior to the issuance of any development permits. ( 4 ) Cash in Lieu of Dedication. in lieu of the dedi- cation of land for recreational and conservation purposes, the City Council may require the developer • to pay to the City, as an equivalent contribution, an amount in cash equal to the percentage of the land required to be dedicated, multiplied by the fair market value of the property at the time of final approval of the development application. The fair market value of the property shall be determined by reference to current appraisal data or sales information. When appraisal data is utilized, the developer shall reimburse the City for the cost Of the appraisal prior to the issuance of any development permits. ( 5 ) Installment Payment. The City Council , at i optts ion, may permit the developer to submit 2/3rds of the cash equivalency payment over a period of time Pursuant to an Installment Payment Agreement approved by the City' s attorney. The Agreement shall require the payment of interest on the unpaid principal; shad require final payment �:ithin eighteen ( 18 ) months; and may require security for withhol d principal portion thereof. The City may d development or building permits for any Portion of the project if the developer does not n comply with the terms of the Is n t Agreement. tai_me..t PcVReT^ � • 2 -