CCP 08-09-1999 - Laserfiche WebLink

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City of Arden Hills Chapter 12 Subdivisions . 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. . E. Installment payment. The City Council, at its option, may permit the developer to submit two-thirds (2/3) of the cash equivalency payment over a period of time pursuant to an insta1lment payment agreement approved by the City's attorney. The agreement shall require the payment of interest on the unpaid principal; shall require final payment within eighteen (18) months; and shall require security for the unpaid principal portion thereof. The City may withhold development or building permits for any portion of the project if the developer does not comply with the terms of the installment payment agreement. . F. Restriction of use of cash contributions. All cash contributions received by the City pursuant to this provision shall be placed in a special fund and used only for the acquisition of land for parks, playgrounds, trails, wetlands or open space; for development of existing parks, playgrounds, trails, wetlands or open space areas; or for. debt retirement in connection with land previously acquired for such pur- 12 - 29