A. Land: Credit for qualifying land dedications shall, at the fee payer's option, be valued at the present value of: 1) one hundred percent (100%) of the most recent assessed value for such land as shown in the records of the county assessor; or 2) that fair market value established by a private appraiser acceptable to the city in an appraisal paid for by the fee payer.
B. Improvements: Credit for qualifying acquisition or construction of system improvements shall be valued by the city at the present value of such improvements based on complete engineering drawings, specifications, and construction cost estimates submitted by the fee payer to the city. The city shall determine the amount of credit due based on the information submitted, or, if it determines that such information is inaccurate or unreliable, then on alternative engineering or construction costs acceptable to the city as a more accurate measure of the value of the offered system improvements to the city. (Ord. 985 § 1, 2007)