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<br /> i . ~ . <br /> <br /> <br /> <br /> tion Committee for its scrutiny and <br /> repart to the Village 6ouncil of its <br /> findings, conclusions, and recommenda- <br /> tion, this referral being in addition <br /> to the referral to the Planning <br /> Commission required in both Ord. No. <br /> 98 and 99. <br /> If the ViZlage Council, after <br /> receiving the reports of both the <br /> Parks and Recreation Comnittee and <br /> the Planning Conur.ission,*shall <br /> determine that such area is unsuit- <br /> ~ able for such purposes, it may <br /> require the subdivider or developer <br /> . to relocate or rearrange such area <br /> or to make such changes or revisions <br /> in the proposed dedication as it <br /> deems necessary, reasonable, and in <br /> the interests of the health, safety, <br /> general welfare, and convenience of <br /> the Village. <br /> 4. Cash in Lieu of Dedication. In Zieu <br /> r of the dedication of land required <br /> 4 by either Sub-paragraph 1 or 2 of <br /> ~ this Section, for the purposes enumerated <br /> therein, the Village Council may <br /> require the subdivider or developer <br /> to pay to the Village, as an equivalent <br /> ~ contribution, an amount in cash egual <br /> to the product of the percentage of <br /> ~ land required to be dedicated, deter- <br /> mined pursuant to the provisions! of <br /> Sub-paragraphs 1 and 2 of this Section, <br /> F, multiplied by the undeveloped land <br /> ' value of the tract to be so subdivided <br /> or developed. <br /> S. Undeveloped Land Value Defined. <br /> ~ "Undeveloped land value" as used <br /> herein, shall be the market value of <br /> i the subject land at the time of the <br /> ` application, to be determined by the <br /> Village Council in its reasonable <br /> discretion. As a basis for its <br /> decision, the Council may request an <br /> appraisal at the expense of the sub- <br /> divider or developer which shall be <br /> tn addition to the appraisal required <br /> under Section 6(D)7 hereof. Such <br /> ; additional appraisal shall be obtained, <br /> if the Council deems it advisable, <br /> from an appraiser selected by the <br /> ' Council. Thereafter the Council, <br /> with the aid of both appraisals, shall <br /> determine the "undeveloped land value" <br /> hereunder. <br /> 6. Restriction on Use of Cash Contributions. <br /> Al1 cash contributions received by the <br /> Z7illage pursuant to Sub-paragraph 4 <br /> of this Section shall be placed in a <br /> ; special fund ar.d used only for the <br /> ; acquisition of land for parks, play- <br /> ' grounds, public open space, and storm <br /> , - 7- <br />