Ordinances-2012-319

a lot in the subdivision or planned development. 5) Amount Of Payment: The cash value of said land will 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 must 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. D) REQUIRING BOTH DEDICATION OF LAND AND PAYMENT OF FEE: The City may, at its discretion, require a subdivider or a developer of a planned development to dedicate a portion of the land required under the formula set forth in this article, and also to pay a fee in lieu of dedication for the remaining portion of the land by said formula. The fee for the remaining portion will be determined by a qualified real estate appraiser who is acceptable to both the City and subdivider or developer. The City and subdivider or developer will equally share the appraisal costs. E) USE OF FUNDS: 1) All funds so levied, assessed and collected by the City will be deposited in a special fund to be known as the "Special Fund for the Acquisition and Development of Public Service Areas, Open