§ 17.32.060. Fee in lieu of land.

Latest version.

If the city opts to accept a cash payment in lieu of a dedication of land, the subdivider shall pay a fee in an amount calculated as follows:
Min. Acre. Dedication x FMV per Acre = Amount of Cash Payment

Where:

"Min. Acre. Dedication" = The minimum area of land to be dedicated under this chapter, as calculated under Section 17.32.050;

"FMV per Acre" = Fair market value of an acre of buildable park land, as determined according to Section 17.32.070, plus twenty percent of that amount for minimum improvement costs.

(Ord. 304-93 §1(part), 1993).

                    
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