Instead of furnishing the off street parking spaces required for uses within the DC district, in-lieu payments may be made as set forth in this section.
A. Fee Established: The city council shall, after public hearing, adopt a resolution setting out the value of off street parking spaces. The fees, at the time of adoption, should reflect the cost of acquiring property within the DC district for the construction of parking stalls based on the average tax assessed market valuation of property within the district. The fee is to be calculated as follows: Average tax assessed property value per square foot multiplied by three hundred fifty (350) square feet (the size of a parking stall and a portion of the access drive). The adopted fee shall be reviewed at least every three (3) years by the city council.
B. Payment Of Fee: An applicant for payment of in-lieu costs instead of providing parking shall pay an amount equivalent to the costs and value of one parking lot space for each space of off street parking required for the proposed use by this chapter. Such payment of fees in lieu of parking shall be made in conjunction with the issuance of a building permit pursuant to section 17.44.130 of this title. To fulfill the total parking requirement, an applicant may utilize a combination of actual spaces and fees in lieu of parking up to the following limits:
1. If eight (8) or fewer parking spaces are required, all of the parking spaces may be replaced with fees in lieu.
2. If nine (9) to twenty (20) required parking spaces are required, sixty percent (60%) (rounded up to the next space) of the spaces may be replaced with fees in lieu.
3. If twenty one (21) to forty (40) parking spaces are required, fifty percent (50%) (rounded up to the next space) of the spaces may be replaced with fees in lieu.
4. Fees in lieu may not be used to replace parking spaces above forty (40) spaces.
C. Fund To Be Established: The city council shall set up a special fund for revenues received from such payment of fees. Said revenues shall be used only for the purpose of providing public parking facilities reasonably related to serving the DC district by way of purchase of necessary land or improving such land for public parking purposes.
D. Refund Of Fee If Unused: If such fees have not been utilized for the stated purpose within fifteen (15) years of payment, or if a project or land acquisition negotiations have not commenced for which the fees would be spent, such fees with interest shall revert to original subdivider or its successor in interest unless the city and the developer or its successor in interest agree in writing to an alternative method to provide public parking facilities, land, or parking spaces. Interest shall accrue at the average rate of interest received by the city for funds invested in the Idaho state investment pool for the period of time the city holds the fees paid in lieu of providing parking spaces.
E. Certificate: An applicant for payment of in-lieu costs shall, with payment of fees in lieu of off street parking, receive one nontransferable certificate for each space of off street parking which would otherwise be required by the terms of this chapter.
F. Changes Requiring Parking: Off street parking and/or fees shall only be required for:
1. Existing Use: The amount a building is expanded above and beyond one hundred twenty five percent (125%) of the existing gross floor area;
2. Vacant Lot: Any new use(s);