(4) Changes in Master Plan or Preliminary Plan Densities – In subdivisions where phases exist and changes in unit densities are possible the Town reserves the right to recalculate the area required for land dedication or fee-in-lieu charges should the number of dwelling units increase from the approved original master plan or preliminary plan.
e. Computation of Size of Area Required for Dedication.
The amount of land required to be dedicated is to be computed on the basis of the following formula:
(1) The area (in acres) of land to be dedicated shall not be less than one twentieth (1/20) of an acre times the number of dwelling units or lots whichever is greater. Land that meets any or all of the following conditions shall not be considered or accepted for dedication:
A. lies within an area within the one-hundred-year floodplain;
B. has slopes greater than fifteen percent; or,
C. is included within overhead utility easements.
(2) Where a fee-in-lieu is paid instead of dedication, the amount of such fee for the subdivision shall be determined in accordance with the provisions of the Town of Fuquay Varina Land Development Ordinance Article J Subdivision Regulations, §9-1462 Recreation Standards and North Carolina General Statutes §160D-804(d). (3) Notwithstanding any other provision in the Town of Fuquay- Varina’s Land Development Ordinance, the total fee-in-lieu of dedication charged for a subdivision shall not exceed the value of the land area that would have otherwise been required to be dedicated by the subdivision, as that value is determined for property tax purposes. For the purpose of this Section, the value for property tax purposes of the development or subdivision is the fair market value. Fair market value, as defined above, shall be calculated by the Planning Director utilizing available property tax value information. In the event of a disagreement concerning the fair market value of the land area that would have otherwise been required to be dedicated, such value shall be determined by the procedure provided below in g. Special Committee to Settle Disagreements Between Town and Owner/Developer.
(4) The determination to either i) accept a proposed tract of land to satisfy the requirements of this ordinance; or ii) to require a payment of a fee-in-lieu as calculated herein, or a partial
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