§ 22-149. Criteria for payment in lieu of land dedication.

If a subdivision, planned development or other development containing residential dwelling units is small and the resulting required land dedication is too small, in the determination of the village, to be practical, or when the village finds that the available land is inappropriate for park and recreational purposes or for a school site, then the village shall require the developer to pay a cash contribution in lieu of the required land dedication, in accordance with the standards of this section.

(1)

Basis of contributions; separate contracts. The cash contributions in lieu of land shall be based on the "fair market value" of the land that otherwise would have been dedicated as park land or for a school site; provided, however, that in each case when a developer has a valid, binding written contract with the school district pertaining to the property that is subject to subdivision, planned development or other development containing residential dwelling units which establishes the amounts of the cash contributions to be made to such school district for the purposes herein contemplated, then such amounts shall govern and be in lieu of the cash contributions required hereby; and provided further, however, that if such contract is terminated for any cause or reason, then the requirements of this article shall apply.

(2)

Definition of fair market value. The present "fair market value" of land in and surrounding the village is two hundred fifty thousand dollars ($250,000.00) per acre, and such figure therefore shall be used in making any calculation herein unless a written objection thereto is filed pursuant to subsection (3) of this section. The village administrator shall, periodically but no less frequently than annually, survey surrounding communities, conduct discussions with the Libertyville Township Assessor's office and affected school districts, and report his or her findings to the board of trustees with respect to the adequacy of the village's determination of fair market value as set forth in this section.

(3)

Objections to defined fair market value. Any affected person may object to the fair market value determination of two hundred fifty thousand dollars ($250,000.00) per acre by filing such objection with the plat officer. The objecting party shall submit an appraisal showing the fair market value of improved land in the area of the subdivision, planned development or other development containing residential dwelling units. Such appraisal shall be made by a member of the Appraisal Institute of the American Institute of Real Estate Appraisers. The final determination of fair market value of such improved land shall be made by the board of trustees based on such information submitted by the objecting party, any response thereto by the developer or other affected person, and other relevant facts.

(4)

Disposition of cash contributions.

a.

Cash contributions in lieu of park land dedications shall be held in trust by the village, or other public body designated by the village, solely for the acquisition or development of park and recreational land to serve the immediate or future needs of the residents of that subdivision, planned development or other development containing residential dwelling units for the improvement of other existing local park and recreational sites.

b.

Cash contributions in lieu of school site land dedications shall be held in trust by the village, or other public body designated by the village, solely for use in the acquisition of land for a school site to serve the immediate or future needs of students from that subdivision, planned development or other Development containing residential dwelling units or for the improvement to any existing school site which already serves such needs.

c.

Funds held in trust shall be kept separate from all other funds and shall be accounted for in the appropriate manner. Records shall be readily available for inspection by the public during regular business hours.

(5)

Refund of cash contributions. If any portion of a cash contribution in lieu of a park land dedication, or a cash contribution in lieu of a school site land dedication, is not expended for the purposes set forth herein within seven (7) years after the date of receipt of such contribution by the village, then that cash contribution shall be refunded to the developer who made such contribution, or its successor or assign.

(Ord. No. 96-0-14, § 2(22-803), 3-14-96; Ord. No. 97-O-45, § 2, 6-10-97; Ord. No. 02-O-18, § 2, 2-12-02; Ord. No. 02-O-96, § 2, 8-13-02)