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Where a fee is required to be paid in lieu of land dedication, the amount of such fee shall be based upon the fair market value of the amount of land which would otherwise be required to be dedicated pursuant to the provisions of Section 9-4.2606 of this article. The amount of such fee shall be a sum equal to the fair market value of the amount of land, including full street improvements, either dedicated or to be maintained by a property owner, that would otherwise be required to be dedicated pursuant to the provisions of Section 9-4.2606 of this article. The fee shall be calculated by multiplying the applicable percentage from the Density Formula set forth in Section 9-4.2606 of this article by the total gross acreage and, in turn, multiplying this product by the fair market value per acre and including the actual cost for the full street improvements; however, where a permit includes a Primary or controlled access Secondary Highway as designated on the Circulation Element of the General Plan, the land area and actual costs for street improvements in excess of the design standards for a collector street shall not be included in this fee calculation.
The fair market value shall be determined prior to the issuance of the building permit for R-P-D and H-P-D projects and the certificate of occupancy for T-P-D projects in accordance with the following:
(a) The fair market value shall be determined by the application of accepted assessment practices, and the initial determination may be based upon the current assessed value, modified equal to market value, in accordance with the standards established by the current practices of the County Assessor; or
(b) If either the City or the developer objects to such evaluation, either party may, at the developer’s expense, obtain an appraisal of the property by a neutral qualified real estate appraiser approved by the City, which appraisal shall be considered in addition to the provisions of subsection (a) of this section by the Council in reaching its decision as to fair market value; or
(c) The City and the developer may agree to the fair market value.
(§ III, Ord. 376-NS, eff. May 31, 1973, as amended by § II, Ord. 405-NS, eff. September 13, 1973)