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<br />(3) Exemption. This Article shall apply to all new residential, commercial and <br />'ndustrial developments, and lot combination or redivisions meant to facilitate such <br />evelopment. It shall not apply to lot combination or redivisions that do not increase the <br />umber of single-family residential lots, conversion of apartments to condominiums, or <br />intemalleasehold improvements. <br /> <br />(4) Contribution in Lieu of Land. At the City's option, the subdivider shall contribute <br />an amount in cash in lieu of all or a portion of the land required under Section 26-50(1). <br />The contribution amount shall be established by resolution and~,...in the case of residential <br />subdivisions, shall be based on the number and type of dwelling units the subdivision will <br />accommodate, and in the case of commercial and industrial subdivisions will be based on <br />the area of the subdivision. <br /> <br />(5) Land Tille. Prior to the dedication of the required property, the subdivider shall <br />provide the City with an acceptable title opinion or title insurance policy addressed to the <br />City that insures the title and the City's proposed interest in the property. In any dedication <br />of land, the subdivider must transfer good and marketable title to the City, free and clear of <br />any mortgages, liens, encumbrances or assessments, except easements or minor <br />imperfections of title acceptable to the City. If this land is not formally dedicated to the <br />City with the final plat, the subdivider shall record all deeds for conveyance of the property <br />to the City at the same time as the final plat or other appropriate division documents are <br />filed. <br /> <br />(6) Land Acceptability. At the City's option, the following properties shall not be <br />accepted for purposes of the owner's compliance with Section 26-50 (1) and (4): <br /> <br />A. Land dedicated or obtained as easements for stormwater retention, drainage, <br />roadway, and other utility purposes. <br />B. Land that is unusable or oflimited use; and <br />C. Land that is protected wetlands or floodplain areas. <br /> <br />(7) Cash Contributions. <br /> <br />A. Cash contributions for single-family residential development will be due and <br />payable at the time of final plat approval. Cash contributions will be based <br />on the number of new lots created. <br />B. Cash contributions for multi-family residential, commercial and industrial <br />development will be due and payable at the time of building pennit issuance. <br />For multi-family residential, commercial and industrial development, the <br />applicant will execute a document in a form satisfactory to the City Attorney <br />that acknowledges the obligation to pay these fees at the time building <br />permits are secured. Such documents shall be in recordable form and any <br />fee charged in connection with the filing thereof shall be paid by the <br />. applicant. Cash contributions for multi-family residential developments will <br />be based on the number of units in the complex. Cash contributions for <br /> <br />2 <br />