(A) When a fee is to be paid in lieu of land dedication, the amount of such fee shall be based upon the fair market value determined by the City Council per § 10-2.1307. The fee shall be determined by the following formula where:
DUs = number of new dwelling units as defined in § 10-2.1304
Pop DU = population per dwelling unit as defined in § 10-2.1304
FMV = fair market value determined by § 10-2.1307
Buildable acre = a typical acre of the subdivision, with a slope less than 10%, and located in other than an area on which building is excluded because of flooding, easements, or other restrictions
DUs | x | Pop DU | x | 3 acres 1,000 people | x | FMV buildable acre | = | in-lieu fee |
Example: 1 DU x 3.85 Pop per DU x 3 acres/1,000 = 0.01155 x $50,000 FMV per acre = $577.50 in-lieu fee. The $50,000 fair market value is used for example purposes only. The actual fair market value shall be determined by the City Council, consistent with § 10-2.1307.
(B) Fees to be collected pursuant to this section shall be reviewed by the Community Development Director to ascertain if they comply with the formula set forth above. If compliance is found, then the fees shall be approved by the Community Development Director.
(Ord. 951 C.S., passed 3-21-18)