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, <br /> 6 . 1V-B-771)-6 Payments In Lieu gf Ded iea t [op <br /> 1{`,C This section has been amended to require payment- in- lieu <br /> when no dedication was required in accord with the <br /> adopted Land Use Plan . The section has also been amended <br /> with respect to the basis for determining "fair market k. <br /> value" . Discussions with the Tax Supervisor have <br /> indicated that a simpler method for calculating fair <br /> market value is through the use of the following formula: <br /> Current Tax Appraisal Current Assessment Ratio <br /> The current assessment ratio (70% countywide) recognizes <br /> the increase in land values since the 1981 revaluation. <br /> This figure would be adjusted annually to reflect changes <br /> in land value. Its use would remove the need for a <br /> property owner to have an appraisal of property and for <br /> the County to hire a review appraiser. <br /> An example of the application of this method is as <br /> follows: <br /> Land Area ( in acres) 178.48 <br /> Current Tax Appraisal $322, 164 <br /> Divided by: Current Assessment Ratio .70 <br /> Fair Market Value $460,234 <br /> Per Acre Value - $2,578 <br /> Number of Lots (R-1 ) 164 <br /> 1/35th Land Requirement ( in acres) <br /> Payment- In-Lieu 4.92 <br /> ( <br /> $ 12,683 Per Unit $77 <br /> $77 <br /> Other provisions which have been added to this section <br /> include time of payment- in- Iieu ( at time of final plat <br /> approval or within one year of approval of preliminary <br /> plat) , authority of County to sell dedicated land if <br /> decision is made not to develop or use for recreation <br /> purposes, and ability to secure combination <br /> dedication/payment- in- Iieu . <br /> Other than the "major" changes identified above, <br /> typographical errors and minor wording problems have been <br /> corrected . One other concern voiced at the public hearing has <br /> been addressed - holding of disparate parcels until development <br /> occurs . Contacts have been made with the Triangle J Land <br /> Conservancy, and they have indicated a willingness to hold the <br /> land in trust until the County is ready to develop same. The <br /> Cary Recreation Director did indicate that liability/maintenance <br /> responsibilities are almost non-existent and as long as the <br /> Jurisdiction responds to identified problems, there can be no <br /> legitimate claims of negligence. <br />