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ORDINANCE NO. 117 AN ORDINANCE OF THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS AMENDING ORDINANCE NO. 116 OF SAID TOWN BY AMENDING THE PROVISIONS OF SAID ORDINANCE RELATING TO THE AMOUNT OF LAND TO BE DEDICATED AND THE AMOUNT OF FEE TO BE PAID IN LIEU OF LAND DEDICATION THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS DOES HEREBY ORDAIN AS FOLLOWS: SECTION 1. Ordinance 116 of the Town of Los Altos Hills, adopted by the City Council of said Town on the 3rd day of October, 1966 is hereby amended by amending Sections 6 and 7 of said Ordinance to read, respectively, as follows: "SECTION 6. AMOUNT OF LAND TO BE DEDICATED The amount of land required to be dedicated by a subdivider pursuant to this Ordinance, shall be one-eightith (1/80) of an acre for every dwelling unit in the subdivision. "SECTION 7. AMOUNT OF FEE IN LIEU OF LAND DEDICATION Where a fee is required to be paid in lieu of land dedication, the amount of such fee shall be equal to the fair market value of the amount of land which would otherwise be required to be dedicated pursuant to Section 6 hereof. "Fair market value" shall be determined as of the time of filing the final map in accordance with the following: (a) The fair market value as determined by the City Council based upon the then assessed value, modi- fied to equal market value in accordance with current practice of the County assessor; or (b) If the subdivider objects to such evaluation he may, at his expense, obtain an appraisal of the property by a qualified real estate appraiser approved by the City, which appraisal may be accepted by the City Council if found reasonable; or (c) The city and subdivider may agree as to the fair market value." LAGORIM & FAIMANT L wLTOe •CA LI F. -I-