17.280.050 Formula for fees in lieu of land dedication.
A. If there is no park or recreation facility designated in the General Plan to be located in whole or in part within the proposed subdivision for the purpose of serving the immediate and future needs of the residents of the subdivision, the developer shall, in lieu of dedicating land, pay a fee equal to the fair market value of that land, plus 20 percent toward costs of off-site improvements pursuant to the following formula:
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A x V = F |
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where, |
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A = |
the amount of land required for dedication as determined by SMC 17.280.040; |
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V = |
fair market value (per acre) of the property to be subdivided, as determined by this section, plus 20 percent for off-site improvements; and |
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F = |
the number of dollars to be paid in lieu of dedication of land. |
B. For the purposes of this chapter, off-site improvements are defined as those improvements which would have been required if land had been dedicated using the provisions of SMC 17.280.040.
C. Fees in lieu of land dedication for City park and recreation land shall be established for single-family, multifamily, and mobile home units by resolution of the City Council based on the formula identified in this section. (Ord. 1111, 2018)