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market value for all residentially zoned real property located in the Town as determined by the Planning Director, or(2) the fair market value of the land in the subdivision or site, based upon its then assessed value modified to equal market value in accord with the current practices of the County assessor and as determined by the Planning Director. (c)The land, fees, or combination of both are to be used only for the purpose of providing park or recreational facilities to serve the subject subdivision. Sec. 9-1.1405. Land credit toward park and recreation requirements for subdivisions of fifty lots or fewer. Lands to be utilized for park and recreation purposes and reserved for the exclusive use of the inhabitants, guests, employees or tenants of the subdivision shall be credited against the park and recreation obligations as set forth in Section 9-1.1404, inclusive. (a) Should the private park and recreation area exceed the requirements of Section 9-1.1404, inclusive no monetary compensation or land credit shall be given the subdivider by the City. (b) Should the private park and recreation area fail to fulfill the requirements of Section 9-1.1404, inclusive, the difference between the area utilized for private park and recreation purposes,and that required shall be satisfied by the payment of moneys. Sec. 9-1.1406. Procedure for land credit for subdivisions of fifty lots or fewer. The procedure for determining whether a subdivider shall be given credit for land which is utilized for private park and recreation space to satisfy the requirements of Section 9-1.1404, inclusive, shall be as follows: '(a)At the time of the filing of the tentative map for approval, the owner of the property shall as part of such filing indicate whether he desires to reserve an area within the subdivision for a private park or recreational area, or a combination of land dedication or reservation and the payment of a fee, or the payment of a fee only, to satisfy the requirements of Section 9-1.1404, inclusive. (b)Whether the City Council approves the area reserved for private park and recreation use as proposed by the subdivider shall be determined by their consideration of: (1)The recommendation of the Planning Commission; (2)That the amount and location of land to be dedicated or reserved for private recreation bears a reasonable relationship to the park and recreational needs of the future inhabitants of the subdivision; 2