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the citizens of Pequot Lakes. As such, for every new subdivision of land <br /> involving three or more lots which are to be developed for residential <br /> purposes, the City Council, with the recommendation of the Planning <br /> Commission, shall require a payment or dedication to the City of any one of <br /> the following, to be reviewed on an annual basis at the beginning of each <br /> calendar year: <br /> A. A reasonable portion of a land dedication for conservation purposes or <br /> for public use as parks, recreational facilities, playgrounds, trails, <br /> wetlands, or open space, up to 0.016 acres per resident expected in the <br /> proposed development, using the most recent average household size <br /> as determined by the Minnesota State Demographer's Office and the <br /> U.S. Census Bureau. <br /> B. A payment of up to $416 per expected resident in the proposed <br /> subdivision, using the most recent average household size as <br /> determined by the Minnesota State Demographer's Office and the U.S. <br /> Census Bureau. <br /> C. A combination of land dedication and cash payment to the City for <br /> parks and open space purposes that reflects the values contained herein <br /> and in the City's Comprehensive Land Use Plan. <br /> 3. The amount of land and/or payment shall be set by the City Council, from the <br /> recommendation of the Planning Commission, after taking into consideration <br /> the open space, park, recreational, or common areas facilities which the <br /> applicant proposes to reserve for public use within the subdivision. The City <br /> �• shall grant preference to payment in lieu of land dedication unless an area <br /> within the land to be platted has been identified by the City for park <br /> acquisition. The following factors shall be taken into consideration when <br /> reviewing potential lands for park dedication: <br /> A. The suitability of the land for its intended purpose. <br /> B. The future needs of the community regarding parks, trails, and open <br /> spaces. <br /> C. The amount of any fees imposed, consistent with the requirements and <br /> limitations contained in this Section. <br /> D. Whether the land is adjacent to or near other public recreation lands. <br /> E. Whether there is an opportunity to extend an existing or proposed trail <br /> or to enlarge an existing or proposed park or recreational facility. <br /> F. Whether the land dedication would protect environmentally or <br /> historically significant or sensitive sites. <br /> G. Whether the land dedication provides a unique public benefit or <br /> contains unique natural features. <br /> 4. Where private open space for park or recreation purposes is provided in a <br /> prepesed Conventional Subdivision and such space is to be privately owned <br /> and maintained by the future residents of the subdivision or owners of the <br /> development, the Planning Commission may consider granting a credit for <br /> park dedication. A credit of up to 2.5% of the buildable area of the proposed <br /> open space may be given provided that the following conditions are met: <br /> A. The land area designated as open space and used in the calculation of <br />