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(a) The conversion fee shall be calculated as follows:
Industrial site replacement need (square feet)*
Industrial site replacement cost (per square foot)**
* Industrial site replacement need = Net site area of development site (square feet)
** Industrial site replacement cost (per square foot) = Median citywide industrial land acquisition cost (per square foot) + Average cost of building rehabilitation and site preparation of industrial property (per square foot) + Average cost of environmental remediation (per square foot) + Typical cost of industrial street rehabilitation (per square foot)
*** Developer's share = 25%
(b) The conversion fee required to be paid under this chapter shall be the fee in effect at the time of payment.
(c) The commissioner is responsible for updating the industrial site replacement cost at least once every five years.
(Added Coun. J. 7-26-17, p. 53898, § 1)