(a) At the time of submission a final subdivision map for approval, the city shall, in those cases where a fee in lieu of dedication is required either in whole or in part, determine the fair market value of the land in the proposed residential development, and this determination shall be used in calculating the fee to be paid. If the developer objects to the fair market value, the city, at developer's expense, shall obtain an appraisal of the property by a qualified independent real estate appraiser, agreed to by the city and the developer, and the value established by said appraiser using standard recognized appraisal techniques to establish fair market value will be accepted as the fair market value of the land in the proposed development. Alternatively, the city and the developer may agree as to the fair market value.
(b) The fair market value per acre of land for the purposes of the calculation in § 21.50.080 is $5.7 million per acre.
(c) The rate of the fee shall be subject to annual adjustment for inflation pursuant to Section 16.64.110.
(Ord. 5521 § 2, 2021: Ord. 5400 § 18 (part), 2016: Ord. 5005 § 3, 2008: Ord. 4907 § 2 (part), 2006)