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the City's Comprehensive Land Use Plan. 3. The amount of land and/or payment shall be set by the City Council, from the recommendation of the Planning Commission, 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 City shall grant preference to payment in lieu of land dedication unless an area within the land to be platted has been identified by the City for park acquisition. 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 reardi , g trails, and open spaces. c. The amount of any fees imposed, cons" t' the requirements and limitations contained in this Section. d. Whether the land is adjacent to or n 'der ublic\re ion lands. e. Whether there is an opportunity extend an existing o osed trail or to enlarge an existing or propo k or r` eational faci�F f. Whether the land dedication woul Stec a Prime all r historically significant or sensitive sites. g. Whether the land de tion provides a ue public benefit or contains unique natural features 4. Where private open space foecreation��° oses is provided in a proposed subdivision and such s e is vatel owned and maintained by the future residents f the subdivist u ylagown a development, the Planning Commission c er grantin credit for dark dedication. A credit of up to 2.5%of the dable of the prop ed open space may be given provided that the follo g itions e met: i 1. The lan as o space and used in the calculation of the red ii,t 1 no a any area that is otherwise considered AVON un le mg , i , but not limited to, wetlands, steep slopes exceeds .%, „ %area within setbacks from property lines, required buffer zo � luffs, td, the ordinary high water mark, among others. The land designated as open space within the development is not upied by, on-recreational buildings, such as maintenance or caretaking b gs, d is available for use to all residents of the proposed subs 3. The 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. 4. The area required to obtain increased densities shall not be included in the computation of such private open space. 5. 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. \.. 6. All land dedication pursuant to this Ordinance shall be conveyed to the City Minutes 6 Pequot Lakes Planning Commission September 20, 2007