Ordinances-1998-218

for parks and open space (5% of the total land area). b) The cash value of said land shall be determined by taking the total purchase price or cost of all the land in the proposed subdivision and charge the owner the proportionate value of the land area so designated; based upon such purchase price or cost; provided such purchase price or cost is the current fair and reasonable value of the land. If such purchase price or cost does not reflect the current fair value of the land, the fair value of said land shall be determined by an impartial appraisal, and in such manner as may be designated by the City Council, cost for said appraisal to be shared equally between the subdivider and the City. c) All funds so levied, assessed, and collected by the City shall be deposited in a special fund to be known as the "Special Fund for the Acquisition and Development of Public Service Areas, Open Space and Recreational Facilities", and that said funds so levied and collected shall be used for such purposes at such places and in such a manner as shall be approved, ordered and directed by a recreation committee appointed by the City Council. Any interest accumulated upon such funds shall be added to the "Special Fund" and be used only for acquisition and developments of open space and recreational facilities.