Sec. 21-12-3. Payment of fees in lieu of land dedication.

(a) When a fee is 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 for dedication. The fee shall be determined by the following formula:
Number of Units
x
DU Requirement
x
FMV of BUA
=
Fee

Where:
DU Requirement
=
Dedication requirement per dwelling unit as determined by Section 21-12-2(b) of this chapter
FMV
=
Fair market value
BUA
=
Buildable acre, a typical acre of subdivision and located in an area other than an area where building is not allowed because of flooding, easements or other restrictions

For example, the amount of in-lieu fee that would be paid for a one hundred fifty single-family unit project, where the land is valued at four hundred thousand dollars an acre, would be determined in the following way:
150 x .015 [2.25] x $400,000.00
=
$900,000.00

(b) Fair market value shall be determined by the city with a written appraisal report prepared and signed by an appraiser acceptable to the city and paid for by the subdivider. The appraisal shall be made immediately prior to the filing of the final map. If more than six months elapse prior to filing the final map, the city will prepare a new appraisal and bill the subdivider for the cost of reappraisal. (Ord. No. 1500, § 3 (part).)