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(A) Subject to a coastal development permit, the city council may allow fee contributions in lieu of the requirements of section 17-70 for the following types of development:
(1) Vacation timeshare use and density bonus; and
(2) Residential density bonus.
(B) Where such a procedure is sought, the city council shall consider the following:
(1) The appropriate in-lieu fee contribution commensurate with the benefit and economic return to the contributor; and
(2) The land use impacts of the development for which the in-lieu fee contribution is sought.
(C) Requirements for in-lieu fee contributions:
(1) For every timeshare unit constructed, one transfer of development rights credit shall be secured.
(2) For every additional timeshare or residential unit over that allowed by zoning, one transfer of development rights credit shall be secured.
(3) Each transfer of development rights credit necessary to develop a project shall be secured prior to issuance of a building permit.
(4) The value of contributing in-lieu fees of each transfer of development rights credit shall be established by the commission at the time of consideration of a coastal development permit for the receiving project.
(5) Funds received from in-lieu fee contributions shall be used by the city to purchase beachfront lots.
(`64 Code, Sec. 37-6.4.1) (Ord. No. 2123, 2716)