Development charges

(1) Where as a result of the implementation of town development schemes there is in the opinion of the Town and Country Development Authority, an appreciation in the market values of lands adjacent to and affected by scheme the Town and Country Development authority may, in lieu for providing of the acquisition of such land, levy development charges on owners of such land. (2) The development charges shall be an amount equal to not less than one-forth and not more than one-third of the difference between the value of the land on the date of publication of the intention to prepare the town development scheme and the date of completion of the scheme.