§ 8209-6.5. Fee in lieu of land dedication and improvement.

When a fee is to be paid in lieu of land dedication and improvement, the dollar amount of such fee shall be an amount equal to 125% of the fair market value of the usable park land which would otherwise be required to be dedicated pursuant to Section 8209-6.4. The fair market value of usable park land which would otherwise be required to be dedicated shall be the dollar amount equal to the product of the average fair market value per acre ofall land within the subdivision having a slope of four percent or less multiplied by the number of acres which would otherwise be required to be dedicated. The fair market value of land within a particular subdivision shall be determined at the request of the property owner, or his agent, prior to recordation of the final or parcel map as follows:

(a)

The appropriate Park District shall have an assessment prepared at the expense of the subdivider.

(b)

In any case where the appropriate Park District and the subdivider are unable to agree upon the fair market value, the subdivider may, at his or her own expense, obtain an appraisal of the subject property by an impartial qualified real estate appraiser approved by the appropriate Park District. Said appraisal shall be considered in reaching a decision as to the fair market value. The decision of the appropriate Park District shall be final and conclusive.