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for public use as parks, recreational facilities, playgrounds, trails, wetlands, or open space,up to o.o16 acres per resident expected in the proposed development, using the most recent average household size as determined by the Minnesota State Demographer's Office and the U.S.Census Bureau. b. A payment of up to $416 per expected resident in the proposed subdivision, using the most recent average household size as determined by the Minnesota State Demographer's Office and the U.S.Census Bureau. c. A combination of land dedication and cash payment to eh City for parks and open sRace purposes that reflects the values contained herein and in the City's Comprehensive Land Use Plan. ,i. In no case shall the value of the dedication and/or park dedication fee imposedn net te exceed ten percent(lo%)of the fair market value of the land to be subdivided.The fair market value of the land to be subdivided shall be the value as determined by the Crow Wing County Assessor at the time of Final Plat approval. The amount of land and/or payment shall be set by the Planning Commission, with the concurrence of the City Council, after taking into consideration the open space, park, recreational, or common areas facilities which the applicant proposes to reserve for public use within the subdivision.The following factors shall be taken into consideration when reviewing potential lands for park dedication: a. The suitability of the land for its intended purpose. b. The future needs of the community regarding parks,trails,and open spaces. c. The amount of any fees imposed, consistent with the requirements and limitations contained in this Section. d. Whether the land is adjacent to or near other public recreation lands. e. Whether there is an opportunity to extend an existing or proposed trail or to enlarge an existing or proposed park or recreational facility. f. Whether the land dedication would protect environmentally or historically sienificant or sensitive sites. g. Whether the land dedication provides a unique public benefit or contains unique natural features. �. Where private open space for park or recreation purposes is provided in a proposed subdivision and such space is to be privately owned and maintained by the future residents of the subdivision or owners of the development, the Planning Commission may consider granting a credit for park dedication.A credit of up to 2.5%of the buildable area of the proposed open space may be given provided that the following conditions are met: a. The land area designated as open space and used in the calculation of the 2.5%- credit shall not include any area that is otherwise considered unbuildable, including,but not limited to,wetlands, steep slopes exceeding 12%. and the area within setbacks from property lines, bluffs, and the ordinary high water mark, among others. b. The land area designated as open space within the development is not occupied by non-recreational buildings, such as maintenance or caretaking buildings, and is available for use to all residents of the proposed subdivision. c. The required setbacks and buffer areas shall not be included in the computation of such private open space. d. The use of the private open space is restricted for park and recreational purposes by recorded covenants which run with the land in favor of the future owners of the property within the development and which cannot be defeated or eliminated without the consent of the City of Pequot Lakes. 6_Funds received by the City,in lieu of land dedication, shall be placed in a special fund in accordance with Section 462.358 Subdivision 2b,of the Minnesota Statutes. ZAll dedications shall be included in the dedicated portion of the plat, included in the City of Pequot Lakes Staff Report 8-5 April i9,2007