(a) Amount of Development Fee. In addition to the dedication of land, payment of a fee in lieu of dedication, or a combination of dedication and fee payment, each subdivider and developer shall be required to pay a park development fee. The amount of the park development fee shall be equal to one-third of the total fair market value of land required to be dedicated with respect to any subdivision or development in accordance with Section 1226.09.
(b) Determination of Fair Market Value., Fair market value shall be determined in accordance with Section 1226.12.
(c) Credit for Voluntary Dedication. In the event a subdivider or developer dedicates land in addition to the land required to be dedicated pursuant to Section 1226.09, subject to the approval of the Planning Commission, such subdivider or developer shall receive credit against the amount of the development fee otherwise required by subsection (a) hereof equal to an amount up to a maximum of one-third of the fair market value of such additional land to be dedicated.
(Ord. 77-06. Passed 2-22-77. )