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 dedication of land and partial payment, shall be made by the Board of Commissioners in its sole discretion if the Board determines it is in the best interests of the citizens to do so.
(5) In any circumstance, no fee-in-lieu shall exceed $5,000 per unit.
f. Use of Land by Town; Use of Funds Received in Lieu of Dedication.
(1) The land received by the Town of Fuquay-Varina under this section shall be used only for the purpose of providing neighborhood open space, park and recreational areas, but shall
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