Every proposed residential subdivision of land and/or residential land development regulated by this chapter or Chapter 131, Subdivision Regulations, located in the R-SF and/or R-MF Districts shall provide suitable land for dedication as on-site park and/or recreation land.

The amount of land required to be dedicated shall be 1,000 square feet of suitable land per buildable lot or dwelling unit (whichever number is greater) proposed by the approved plan. If, at the time of preliminary plan submission, the subdivider and/or developer is domiciled on one of the lots in the proposed subdivision or development or domiciled in one of the dwelling units thereon, said lot or dwelling unit shall not be included in this calculation.

Land suitable for dedication shall mean park and/or recreation land which:

If all or part of the land proposed for dedication as park and/or recreation land is less than suitable for recreation use, then the amount of land required for dedication shall be 1,500 square feet per lot or dwelling unit, whichever number is greater.

All land proposed for dedication as park and/or recreation land shall be contiguous and topographically and spatially suitable for park and/or recreation purposes. If the adjoining property has previously been developed and recreational land has been provided at the boundary of that previously developed property, the Town Council may require that the recreational land required of the development shall be located adjoining the previously provided recreational land.

The developer may request that the Town not require the dedication of land. Any such request shall be accompanied by an offer to pay a fee in lieu of dedication of the land. Any such proposal by the developer and/or subdivider is subject to the approval of the Town Council.

If the developer and/or subdivider receives approval from the Town Council for the payment of a fee in lieu of dedication of all or some of the required park and/or recreation land, then the fee shall be equal to $500 per unit or lot (whichever is greater), unless an appraisal prepared by the developer, and determined to be acceptable at the sole discretion of the Town Council, indicates that a different fee is more appropriate based on the fair market value of the property. In such cases, the developer shall provide the Town with all information necessary to determine the fair market value of the land, including but not limited to:

The fee in lieu of land dedication to be paid shall be computed by dividing the total market value for the tract by the number of acres within the tract and then multiplying by the acreage of land that would have been required to satisfy dedication requirements.

In the event that the Town selects a combination of payment of fee in lieu and the dedication or reservation of parkland or open space, the amount of the fee in lieu shall be prorated with the value of land provided.

If the subdivider and/or developer elect to pay a fee in lieu of the dedication of park and/or recreation land, then such payment, if approved by the Town Council, shall be deemed a condition of plan approval and shall be paid to the Town at the time of execution of the improvements agreement with the Town or, if no improvements agreement is necessary, then prior to recording the approved plan.

All fees paid pursuant to this article shall be placed in an interest-bearing account and accounted for separately from other Town funds, and such funds shall be maintained by the Town and used for obtaining future park or open space lands or purchase or construction of public recreation facility improvements.

The requirements of this article shall be in addition to, and not in lieu of:

The developer shall enter into an agreement with the Town setting the fees to be paid, the facilities to be constructed, or the land to be privately reserved and the method of its maintenance. All such agreements shall be in a form satisfactory to the Town Attorney.