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9 <br /> A payment in lieu of dedication shall equal <br /> the number of acres required to be dedicated <br /> multiplied by the fair market value of the <br /> land to be dedicated. Fair market value shall <br /> be determined by dividing the tax appraisal of <br /> the property at last re-evaluation by the <br /> current year assessment ratio. <br /> Upon approval by the Board of Commissioners, <br /> payment in lieu of dedication shall be made at <br /> the time of final subdivision plan approval or <br /> * within one (1) year of approval of the <br /> preliminary subdivision plan, whichever occurs <br /> first. All monies received by Orange County <br /> pursuant to these requirements shall be used <br /> only for the acquisition of recreation, park <br /> and open space sites to serve the residents of <br /> the development and the residents, of the <br /> immediate neighborhood, within which the <br /> development is located. The Board of <br /> Commissioners shall also have the authority to <br /> sell land dedicated pursuant to these <br /> provisions with the proceeds of any such sale <br /> used solely for the acquisition of other <br /> recreation, park or open space sites, within <br /> • the immediate neighborhood within which the <br /> • development is located. <br /> (See Section II for definition of immediate <br /> neighborhoods. See also Appendix E for map <br /> showing location of neighborhoods. ) <br />