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by section R-7(a). (h) "I~he lair market value shall he dclerniincd ns ol~the lime of tiling the linul subdi~isiun plot or building permit in accordm:ce vvilh tlu• (i:lluwing: (I) 'I'hc fair mmi<ct value shall include the value of the suhdicidal land, including the site improvements and utilities which would have olhenvise been installed should the land area Ibr the bark he required. (2) 'I~he Crnmh~ and the suhdiv ider shall agree on the fair nuui:ct ~-aloe of the land. If the County and the subdivider fail to agree on the fat: market value of the land, the value shall be li.eed and established by majurill vole of three land appraisers; one shall he appointed by the subdivider, one appointed by the County, and the Third appointed by the mutual agrcenwnl of the County and the subdivider. I he subdivider and the County shall equalh bear the costs of the Third appraisal. (c) If the area of land which is provided in perpetuity by the suhdiv ider and approved by the direckn-pursuant to secliun R-12 is Tess than Uic land arc: required under secliun H-7(al, the subdivider shall he required to pay a fee cyual to the fair market value ns dcicrminal in subsection Ih) of this section ~~hich is the difference behveen the laud area provided in perpduil~~ and the land area required :order section K-71x1. (d) Ices paid pursuant hr this secliun shall he made directly to the direclur ol~ linance and shall be deposited in a park and recreation land. Payment nci~ he in n lump sum prior h, lnal approval uflhe land subdivision or final plan approval for a building suhdi~ ision. ur liliv percent at the lime of prcliminorv approval of the land subdivision or preliminary plan approval of the building suhdiv ision, and the halauce paid prior k. final approval of the land subdivision or final plan appmval uflhc building subdivision. (1977. Ord. Nu. 333, art. 3, sec. 5. ~ Section 8-9. Use of Pecs. (a) all numcys received pursuant to this article shall he used fin the acquisition and development of park and recreational lacilities h, serve the wren in which the subdivision is located. Moneys received nary be expeudcd on neighborhood ur a~nununily lacilities in reasonable prusimih' to the subdivision. Where n public park and playground presenlh serves a subdivision. such Ices may he used for the purpose of providing additional facilities for Thal park or plm'ground. "I he direclur of parks and recreation shall determine the various park mews fhr funding purposes. (h) When fonds arc needed liar nnplemeuting a plan to provide or develop Innd and facilities or for preparing site plans such as design and engineering work, the direclur of parks and recreation shall submit a writtcu request Io the direclur and the mayor for approval. Upon the mn) rn's approval, the linance direclur shall be aulhori~cd k> release moneys from the fund. (c) No refunds shall he made for am land and building subdivision which the direclur had granted final appt'uvnl, c.eccpt That ct'edit rainy he giv cn to subsequent subdivision of the same area. (d) l~II moneys. interests and other forms of earnings resuhing Rom the fee shall Ihercaller he the property of the County. 'Ihc inlcresls or earnings accrued form the fee steal I he espendcd in the same manner as the fee itscll. (1972 Ord. No. 333. art. 3, sec. S. ~ Section 8-111. Credit for private recreational areas:uul impruvcmenis. (a) Where parks and playgrounds, including imprmements, arc to he provided in n proposed subdivision, and arc kv he privalch' mvned and nurinlaincd h~~ the future residents of the subdivision, such areas and improvements shall be credited k~wards the requirements scl linih in section K-7 or the payment of fees iu lieu thereof, set fortlr in sections 8-R and R-9. (b) The credit shall be subject to the approval of the planning direcwr, upon consultation with the director of parks and recreation, subject to the following requirements: (I) Yards and other open areas required to he maintained by the zoning and building regulations shall not be included in the computation of such private recreational areas mrJ facilities; (Hawaii County 9-1-02) g-6