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<br /> ~ <br /> <br /> <br /> <br /> tion Committee for its scrutiny and <br /> report to the Village Council of its <br /> findings, conclusions, and recommenda- <br /> tion, this referral being in addition <br /> to the referral to the Planning <br /> Comnission required in both Ord. No. <br /> - 98 and 99. <br /> If the Village Council, after <br /> receiving the reports of both the <br /> Parks and Recreation Conunittee and <br /> the Planning Coimr,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 /> aeems 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 lieu <br /> of the dedieation of land required <br /> 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 equal <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 /> multiplied by the undeveloped land <br /> ' value of the tract to be so subdivided <br /> ~ or developed. <br /> , 5. Undeveloped Land Value Defined. <br /> "Undeveloped land value" as used <br /> , herein, shall be the market value of <br /> 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 /> , rn 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 /> All cash contributions received by the <br /> Village pursuant to Sub-paragraph 4 <br /> of this Section shall be placed in a <br /> ~ special fund and used only for the <br /> ~ acquisition of land for parks, play- <br /> ' grounds, pub],ic open space, and storm <br /> -7- <br />