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When a fee is to be paid in lieu of land dedication, value of the amount of such fee shall be based upon the fair market value of the amount of land which would otherwise be required for dedication pursuant to Section 16.28.040 plus twenty percent toward costs of off-site improvements, such as extension of utility lines. The fees shall be calculated as follows:
Formula for Computation of Dwelling Unit (DU) Fee
631 (required sq. ft. dedication/DU) X $8 (land value) X 1.2
(20% off-site improvement) = $6,057 Residential Dwelling Unit Fee
This formula may be modified pursuant to the provisions of Chapter 16.28 to reflect approved parkland dedication. (Ord. 2005-06 § 1, 2005; Ord. 461 § 1(part), 1984).