Fees in lieu of park land may only be paid for residential subdivisions with less than 20 dwellings. When a fee in lieu of park land is provided, the following requirements shall be met:
A. Fees in lieu of park land shall be used to buy land identified as potential recreation and open space sites in the most recent edition of Upper Merion's Park and Recreation Master Plan. In addition to land purchases, such fees may be used for engineering, legal, transaction and planning costs and all other costs.
B. The cost of such fees shall be calculated using the following criteria:
(1) The fee shall equal the fair market value of the raw, undeveloped land that would have been required for the park land.
(2) The Board of Supervisors and the applicant shall attempt to agree on a figure for the fair market value of land. If the applicant and Board of Supervisors cannot agree on the fair market value, then the applicant shall provide the Board of Supervisors with a land value appraisal, at the applicant's sole expense; the Board of Supervisors shall review said land value appraisal and make a decision as to fair market land value. Such appraisal shall be prepared by an MAI real estate appraiser with no interest, financial or otherwise, in the affected property or application.
C. Fees collected by the Township from any of the three planning areas identified in the most recent edition of Upper Merion's Parks and Recreation Master Plan shall be used to purchase land that is within the same planning area where all the fees were collected and for costs identified in Subsection
D hereof.
D. Fees collected by the Township shall be deposited in an interest-bearing account in a bank authorized to receive deposits of Township funds. Interest earned by the account shall be credited to that account and shall be used for the same purposes as money deposited in the account. The interest-bearing account shall clearly identify the recreational facilities for which the fee was received. Funds in the account shall be expended only to cover costs of acquisition and construction for specific recreation facilities for which the funds were collected.
E. Fees in lieu of park land shall be paid to the Township when the land development agreement is finalized. If no land development agreement is required, fees shall be paid before use and occupancy permits are issued.