(A) When required by § 16.35.060, the subdivider shall pay to the City a fee in lieu of dedicating parkland. The fee shall be set by resolution of the City Council, as said resolution may be amended from time to time, based upon the findings and determinations of the city that the amount of fees will serve the public interest, convenience, health, safety and welfare of the residents of the city.
(B) Notwithstanding the above, the maximum fee that the city may require a subdivider to pay shall be computed by multiplying the area of park to be dedicated under § 16.35.040(D) by the fair market value of the land being developed. This is represented as follows:
Park Area to be dedicated x Fair Market Value = In-Lieu Fee