§ 16.56.050. Contribution in lieu of a school site—Fair market value determination.

The cash contributions in lieu of land shall be based on the fair market value of the acres of land in the area improved as specified herein that otherwise would have been dedicated as school sites. It has been determined that the present fair market value of such improved land in and surrounding the city is fifty-six thousand four hundred dollars per acre and such figure shall be used in making any calculation herein unless the subdivider, developer or affected school district files a written objection thereto. In the event of any such objection, the subdivider, developer, or school district shall submit an appraisal showing the fair market value of such improved land in the area of his development or other evidence thereof, and final determination of the fair market value per acre of such improved land shall be made by the city council based upon such information submitted by the subdivider, developer or affected school district and from other sources which may be submitted to the city council by the school district or others. The City of Morris, on its own motion or at the request of an affected school district, may from time to time amend this provision to provide for different fair market values of parcels that are deemed by the affected school district and the city to be of greater or lesser value. Notwithstanding the foregoing, the fair market value of such improved land shall automatically increase on January 1st of each year beginning on January 1, 2005 at a rate of three percent per year.

(Ord. 3514 § 2, 2004: Ord. 2801 (Part), 1991; Ord. 1952 § 1(B)(1), 1972)