Paying money instead of giving park land

(a) Where a monetary fee is required to be paid in lieu of dedicating or providing the land and improvements in perpetuity, the monetary fee shall be a sum equal to the fair market value of the amount of land required by section 8-7(a). (b) The fair market value shall be determined as of the time of filing the final subdivision plat or building permit in accordance with the following: (1) The fair market value shall include the value of the subdivided land, including the site improvements and utilities which would have otherwise been installed should the land area for the park be required. (2) The County and the subdivider shall agree on the fair market value of the land. If the County and the subdivider fail to agree on the fair market value of the land, the value shall be fixed and established by majority vote of three land appraisers; one shall be appointed by the subdivider, one appointed by the County, and the third appointed by the mutual agreement of the County and the subdivider. The subdivider and the County shall equally bear the costs of the third appraisal. (c) If the area of land which is provided in perpetuity by the subdivider and approved by the director pursuant to section 8-12 is less than the land area required under section 8-7(a), the subdivider shall be required to pay a fee equal to the fair market value as determined in subsection (b) of this section which is the difference between the land area provided in perpetuity and the land area required under section 8-7(a). (d) Fees paid pursuant to this section shall be made directly to the director of finance and shall be deposited in a park and recreation fund. Payment may be in a lump sum prior to final approval of the land subdivision or final plan approval for a building subdivision, or fifty percent at the time of preliminary approval of the land subdivision or preliminary plan approval of the building subdivision, and the balance paid prior to final approval of the land subdivision or final plan approval of the building subdivision.