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<br /> <br /> <br /> <br /> § 22•9 ARDEN HILLS CODE <br /> <br /> (3) Delineation of area to be dedicated. The area to be dedi- <br /> cated for recreation and conservation uses shall be delin- <br /> eated on the proposed plat or otherwise conveyed by ease- <br /> ment to the city prior to the issuance of any development <br /> permits. <br /> (4) Cash in lieu of dedication. In lieu of the dedication of land <br /> for recreational and conservation purposes, the city council <br /> may require the developer to pay to the city, as an equiv- <br /> alent contribution, an amount in cash equal to the per- <br /> centage of the land required to be dedicated, multiplied by <br /> the fair market value of the property at the time of final <br /> approval of the development applieation. The fair market <br /> value of the property shall be determined by reference to <br /> current appraisal data or sales information. When ap- <br /> praisal data is utilized, the developer shall reimburse the <br /> city for the cost of the appraisal prior to the issuance of any <br /> development permits. <br /> (5) Installment payment. The city council, at its option, may <br /> permit the developer to submit two-thirds (2/s) of the cash <br /> equivalency payment over a period of time pursuant to an <br /> installment payment agreement approved by the city's at- <br /> torney.- The agreement shall require the payment of in- <br /> terest on.the unpaid principal; shall require final payment <br /> within eighteen (18) months; and shall require security for <br /> the unpaid principal portion thereof. The city may with- <br /> hold development or building permits for any portion of the <br /> project if the developer does not comply with the terms of <br /> the installment payment agreement. <br /> (6) Restriction of use of cash contributions. All cash contribu- <br /> tions received by the city pursuant to this provision shall <br /> be placed in a special fund and used only for the acquisition <br /> of land for parks, playgrounds, trails, wetlands or open <br /> space; for development of existing parks, playgrounds, trails, <br /> wetlands or open space areas; or for debt retirement in <br /> connection with land previously acquired for such pur- <br /> poses. (Ord. No. 98, § 10, 3-27-67; Ord. No. 175, § 5, 10- <br /> 29-73; Ord. No. 281, 5-13-91) <br /> Supp. No. 22 1294 <br />