If, in the sole judgment of the Council, it is physically and economically impractical to comply with the on-site parking requirements for the Central Business District contained in this subchapter, the Council may in lieu of private on-site parking, require a payment to the city. The payment shall be based on a per stall amount set from time to time by resolution of the Council. The per stall amount shall be based upon the rate of 300 square feet per stall and the approximate current value of unimproved land in the Central Business District, plus the current estimated cost of improvements for base work, four-inch blacktop mat and striping. The total amount of the in lieu payment shall equal the number of on-site parking stalls required by the provisions of this section less the number of on-site parking stalls existing after improvement, multiplied by the per stall amount. All payments received by the city for this purpose shall be held in a separate account and used exclusively for the benefit of public parking in the Central Business District.
(Prior Code, § 11.13)