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 pursuant to Larkspur Municipal Code Section 17.13.040 plus a percentage accounting for the cost of improvements such as roads and extension of utility lines. The fee shall be determined by the following formula:

DUs × Pop/DU × Park acreage dedication standard/1,000 people × FMV = Subtotal × x% = in lieu fee

where

DUs = Number of dwelling units as defined in Section 17.13.040.

Pop/DU = Population per dwelling unit.

Park acreage dedication standard = the adopted amount of park land and park development per one thousand (1,000) residents that is required pursuant to this article, as determined by City Council resolution as set forth in Larkspur Municipal Code Section 17.13.030.

FMV = Fair market value per buildable acre as determined by Larkspur Municipal Code Section 17.13.080.

Buildable acre = a typical acre of the subdivision, with a slope less than ten (10) percent, and located in other than an area on which building is excluded because of flooding, easements, or other restrictions.

x% = the ratio of the cost of land acquisition and frontage improvements to the FMV.

Fees to be collected pursuant to this section shall be reviewed by the Recreation Director to ascertain if they comply with the formula set forth above. If compliance is found, then the fees shall be approved by the Recreation Director. (Ord. 1030 § 2(11), 2018; Ord. 896 § 3 (part), 1998)