For the purpose of the formula established by this section, the following definition shall apply:
A = the park land dedication acreage required per dwelling unit within the proposed residential development for park and recreational facilities as set forth herein and in Section 21.50.050 of this chapter.
B = the number of new dwelling units in the proposed residential development.
C = the fair market value per acre of land in the proposed residential development.
F = the in-lieu fee required.
L = the land required for dedication.
The following formula shall be used in calculating the land required for the dedication under this chapter:
A x B = L
The following formula shall be used in calculating the in-lieu fees required to be paid under this chapter:
A x B x C = F
(Ord. 4907 § 2 (part), 2006)