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<br />913/% <br /> <br />Section 5. In Lieu Fee <br /> <br />A. Amount. The Director may waive the requirement to provide dwelling <br /> <br />units pursuant to this Ordinance in exchange for payment of an in-lieu fee <br /> <br />calculated as follows: <br />Fifty Six Thousand Three Hundred and Twenty Dollars ($56,320) per re- <br />quired unit, calculated as follows: 640 square feet multiplied by $88 per <br />square foot, which latter amount is hereby determined to be the reason- <br />able average cost per square foot of housing in the City. <br />One-half of the total amount of the aforesaid fee is due and payable within 10 <br /> <br />calendar days of issuance by the City of the grading permit (if applicable) or the <br /> <br />building permit for the Office Development. The balance of the fee is due and <br /> <br />payable upon or before issuance of the occupancy permit for the Office Devel- <br /> <br />opment. For a phased project, payments may be made for each phase within ten <br /> <br />calendar days of issuance of the grading or building permit for that phase and <br /> <br />the balance due for said phase shall be paid on or before the issuance of an oc- <br /> <br />cupancy permit for the phase. <br /> <br />B. Use. Fees received hereunder shall be held in trust and used solely for <br /> <br />the construction, rehabilitation and acquisition of housing or housing sites in ac- <br /> <br />cordance with the City's policies and procedures for the provision and enhance- <br /> <br />ment of housing in the City. <br /> <br />Section 6. Report. If this ordinance is extended for a period of one (1) <br /> <br />year or more from the date of its initial adoption, the Director shall submit a <br /> <br />Ord-118 <br />tï sh/ sh/R c/c oun c i l/Ord <br />DES:rg <br />08/24/00 <br /> <br />lO <br />