(c) If no public site is indicated on the Comprehensive Plan in major subdivisions, and City Council shall determine that private recreational facilities maintained by the developer are not of equivalent value to the dedication otherwise required hereunder, then the City Council shall select land, upon recommendation of the Planning Commission and the Parks and Recreation Board, which is suitable for public sites, public parks, and or playgrounds, or public open space purposes; or, the developer shall, in lieu thereof, should City Council decline to accept or select land as a public site and should Council further determine that private recreational facilities maintained by the developer are not of equivalent value to the dedication otherwise required hereunder, pay a fee amounting to 10% of the estimated current market value of the entire property prior to proposed improvements or amount established by ordinance per dwelling unit proposed, whichever amount is greater. The value of the entire property, and any dedication requirements, shall be determined by mutual agreement of the owner-developer and the City acting through its Board of Control. In the event the parties are unable to agree to the value thereof, the value of the entire property shall be determined by three appraisers, one to be selected by the developer, one by the City, and one agreeable to both developer and the City.