A. At the option of the Town Council, the developer may be required, on or before final approval of the subdivision or development, to pay to the Town payment in cash or to transfer other property in lieu of land dedication. The amount of cash payment shall be as determined by this section for the land fee. If the Town Council determines to accept other property in lieu of, or as a partial payment toward, the cash payment required hereunder, the Town Council shall determine the value of the other property.

B. Payment in lieu of land dedication shall be made prior to final approval of the subdivision or development, and such payment shall be placed in a recreation fund to be established and maintained by the Town for the acquisition of land and for the improvement of parks, playgrounds and recreation areas in the Town, to benefit the residents of the Town in general, as well as those of the proposed development.

C. The fee which may be accepted in lieu of land dedication shall be established each year as of January 1st by the Town Council upon a recommendation from the Planning Commission; provided, however, said fee shall be as set for the preceding year unless the Town Council finds that the fee structure requires amendment due to land value increases or decreases. Fees shall be based on the average cost of vacant undeveloped residential land within the corporate limits of the Town.

D. In extraordinary circumstances, the Town Council may authorize the deferral of the payment of cash in lieu of dedication as required by this section. In such event, the owner of the property shall execute an agreement, in such form as shall be acceptable to the Town Attorney, to pay such sums at the time of the issuance of any building permit or permits upon the property. Notice shall be given of such deferred payment by the recording of a mortgage or other security instrument with the clerk and recorder of Garfield County, Colorado. In no event, however, shall the deferral of any land dedication fee required by this section extend for a period of greater than five (5) years from the date it would otherwise be payable. The developer shall agree to pay the higher of either the land dedication fee calculated in accordance with this section at the time originally owed, or at the time actually paid. (Ord. 711 §1 (Exh. A), 2017; Amended Ord. 757 §2, 2019)