In-lieu payments are intended to provide a method to achieve the objectives of this chapter without the delay and expense to the permittee attendant upon the preparation and review of contracts, faithful performance bonds, labor and material bonds, insurance policies, and other requirements. However, the formula for the determination of the amount of in-lieu payment, as specified in Section 14.04.180, does not fully compensate the City for the expense of making the improvement. In order to mitigate the disparity between improvement costs and in-lieu payments, the City shall be required to install improvements financed by said in-lieu payments only at such time as the City can do so on an economical, areawide basis, rather than on an expensive piecemeal basis.
(Ord. 1094, (part), 1981)