Public Recreation Use Dedication Fee Sample Clauses

Public Recreation Use Dedication Fee. The developer or owner of each of Lot 2, Third Addition will be obligated to pay a public recreation use dedication fee in the form of a Cash Equivalent Payment based on the fair market value (FMV) of those Lots by reference to current market data, if available, or by obtaining an appraisal of those lots from a licensed real estate appraiser. The developer or owner of the relevant Lot shall pay the cost of such appraisal. The fair market value conclusions of the appraiser shall be conclusive. Except as hereinafter provided, the cash equivalency payment shall be due and payable on or before the execution of a development agreement or release of the final plat by the City.
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Related to Public Recreation Use Dedication Fee

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