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At the election of the Board of County Commissioners, an applicant may satisfy his or her land dedication requirement by making a cash payment to the County for an amount equal to the current market value of the land required for dedication by Sec. 8-40-30.
(a) Calculating Cash-in-Lieu Payment
- The amount of the cash-in-lieu land dedication payment is calculated by multiplying the square footage of the area of land to be dedicated by the current market value per square foot of the land to be subdivided.
(b) Calculating Land Value
- Land value shall be market value at the time of the cash-in-lieu payment including site improvements such as streets, and utilities, but excluding residential dwelling units. Market value may be substantiated by a documented purchase price (if an arm's length transaction no more than two years old) or other mutually agreed upon recognized means, provided, however, assessed valuation shall not be relied upon as the basis of current market value. In the event, a developer and the County fail to agree on market value, such value shall be established by a qualified real estate appraiser acceptable to both parties. The developer shall pay for the appraisal.
(c) Timing of Cash-In-Lieu Payment
- Payment shall be made to Pitkin County prior to, and on a proportional basis to, the issuance of any building permits for the residential dwelling units.
(d) Criteria to Select Method to Satisfy the Dedication Standards
- The Board of County Commissioners upon recommendation of the Planning and Zoning Commission shall approve or deny a request from an applicant to pay cash-in-lieu of land dedication. The Board shall consider the following criteria in evaluating a request for cash in lieu payment:
- Whether the development itself requires on-site parks/recreation/open space land on site; and
- Whether the County has identified the applicant's proposed development site as being appropriate for parks/recreation/open space land.
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