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(a) Land Dedication Standards
- For lands within the Aspen School District boundaries, school land dedications shall be assessed according to the following schedule:
(b) Cash-in-Lieu Payment Formula
- For lands within the Aspen School District Boundaries, an applicant may make a cash payment in-lieu of dedicating land to the County, or may make a cash payment in combination with a land dedication, to comply with the standards of this Section. Because of the cost of subdivided land in Pitkin County, the School District and Pitkin County have decided to require payment of a cash-in-lieu amount that is less than the full market value of the land area that would result from application of these land dedication standards. Because there is not a single formula that works equally well for both small and large lots, two formulas have been established. Applicants may use the formula that results in the lesser of the two payment amounts. Regardless of that formula is chosen, any individual cash-in-lieu payment shall not be required to exceed $4,260 for a single dwelling unit. The formulas to determine the amount of the cash-in-lieu payment for each residential dwelling unit are as follows:
- Formula 1
- Market value of land multiplied by the applicable land dedication standard multiplied by 0.33 equals the amount of the cash payment. For example, for a property having a market land value of $100,000, on which a four bedroom house is proposed, the payment would be:
- $100,000 x 0.0248 x 0.33 = $818.40.
- Market value of land multiplied by the applicable land dedication standard multiplied by 0.33 equals the amount of the cash payment. For example, for a property having a market land value of $100,000, on which a four bedroom house is proposed, the payment would be:
- Formula 2
- The market value of the land divided by the total number of square feet of land within the property equals the market value of one square foot of the property. The market value of one square foot of the property multiplied by the number of square feet of land required to be dedicated to the county equals the amount of the cash payment. For example, for a ten acre property having a market land value of $1,000,000 on which a four-bedroom house is proposed, the payment would be:
- $1,000,000/43,560 x 10 = $2.30
- $2.30 x 1,081 = $2,486
- The market value of the land divided by the total number of square feet of land within the property equals the market value of one square foot of the property. The market value of one square foot of the property multiplied by the number of square feet of land required to be dedicated to the county equals the amount of the cash payment. For example, for a ten acre property having a market land value of $1,000,000 on which a four-bedroom house is proposed, the payment would be:
- Current Market Value
- Current market value means the value of a subdivided lot at the time of the cash-in-lieu payment, including site improvements such as streets and utilities, but excluding the value of residential dwelling units and other structures on the property. When more than one residential dwelling unit is to be built on a lot, then each unit shall be assigned its proportionate share of the current market value of the lot.
- Substantiation
- Market value may be substantiated by a documented purchase price (if an arms length transaction nor more than two (2) years old) or other mutually agreed upon recognized means.
- Appraisal
- In the event the 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.
- Mixed Use Developments
- When the proposed subdivision contains a mix of residential, commercial, and other uses, the required dedication shall be based solely on the number of proposed residential dwelling units.
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