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<br /> <br />11 <br />20. RESIDENTIAL DEDICATION. The Developer shall submit a cash contribution <br />in lieu of land dedication. The cash payment shall be determined based on the fair market of 20% <br />of the land that would otherwise be dedicated to the City and calculated based upon the fair market <br />value of Lot 1, Block 1, as determined by an appraisal submitted to the City by the Applicant and <br />paid for by the Applicant. Said appraisal must be made by an appraiser who is an approved member <br />of the SREA or MAI, or equivalent real estate appraisal societies. The Applicant provided an <br />appraisal report dated February 10, 2025 that was conducted by Michael T. Tinker, MAI, of <br />Dahlen, Dwyer, Foley & Tinker, Inc. with an appraised fair market value of $2,250,000.00 for the <br />Subject Property. Based on the appraised value, the fair market value of 20% of the land that would <br />otherwise be dedicated to the City is $450,000. The residential dedication fee shall be submitted <br />prior to the issuance of a building permit. <br />21. PARK DEVELOPMENT. The Developer shall submit a cash contribution in lieu <br />of land dedication. The cash payment shall be calculated using the current per unit fee of $6,500, <br />for a total park development fee of $773,500.00 for 119 units. The fee shall be submitted prior to <br />the issuance of a building permit. <br /> 22. LANDSCAPING. Prior to the issuance of a building permit, a landscape financial <br />security in the amount of 125% of the estimated cost of the landscaping shall be submitted by <br />Developer. See requirements in Planning Case 24-018, Memorandum of Consultant Planner dated <br />January 13, 2025, paragraph D. The Landscape financial security shall be held for two full <br />growing seasons. For any landscaping or screening that is not in accordance with the approved <br />plans at the end of two growing seasons, Developer will replace the material to the City’s <br />satisfaction before the guaranty is released. The City may, at its sole discretion, use the proceeds <br />of the performance guaranty to accomplish performance.