§ 30-2-217. PAYMENT INSTEAD OF LAND.

(A)

The director may require a subdivider to deposit with the park service provider a cash payment or fiscal security instead of the dedication of parkland if:

(1)

less than six acres is required to be dedicated; or

(2)

the land available for dedication does not comply with the standards for dedication.

(B)

A deposit is calculated by multiplying the number of acres of parkland required to be dedicated by the average value of an acre of land in the subdivision. The average value of an acre of land in the subdivision is calculated by dividing the fair market value of the land in the subdivision by the number of acres in the subdivision. To make this calculation, the subdivider may select one of the following fair market value determinations:

(1)

the current fair market value of the land as shown on the records of the tax appraisal district;

(2)

the current fair market value of the land as determined by a qualified real estate appraiser at the subdivider's expense, if the director approves the appraiser and certifies that the appraisal fairly reflects the land value; or

(3)

the current fair market value of the land as determined by a qualified real estate appraiser employed by the park service provider.

(C)

A deposit must be placed in the park service provider's park improvement fund. The deposit must be used for the acquisition or improvement of parks that will benefit the residents of the subdivision and that are located in the service area defined by the park service provider.

(D)

The park service provider shall expend a deposit within five years from the date it is received. This period is extended by five years if, at the expiration of the initial five year period, less than 50 percent of the residential units in the subdivision have been constructed.

(E)

If the park service provider does not expend a deposit by the deadline described in Subsection (D), and the actual number of residential units constructed is less than the number assumed at the time the deposit was calculated, the owner may request a refund. The request must be in writing and filed with the director not later than 180 days after the expiration of the time period described in Subsection (D). A refund is calculated by multiplying the percentage of the reduction in the number of residential units times the amount of the deposit. A refund may not exceed the unexpended amount of a deposit.

Source: City Code Section 25-4-215; County Code Section 82.208; Ord. 031211-11; Ord. 031211-42.