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7B <br /> Page 24 <br /> fhese determinations, it must also make a determination of the maximum credit that will <br /> be allowed for the dedicatian, which maximum credit shall not exceed the City Council's <br /> reasonable estimate of the fair market value of the Park Improvement and/or land. The <br /> credit shafi be appiied when the city accepts the land or Park Improvement. ff the city <br /> cauncil has made the determinations required by this subdivision, payment af a portion <br /> of the Impact Fee equal to the amount of an expected credit against the Impact Fee <br /> may be deferred to the date af approval of the fiinal building inspection af the <br /> development, provided the owner of the real property for which the Fee is required <br /> enters into a recordable agreement with the city priar to issuance o# the building permit <br /> for the deveiopment, which shall cons#itute a lien on the property from the date of <br /> recordation and shall be enforceable against successors in interest ta the pro�erty <br /> owner. The agreement shall provide that approvai of the final building inspection shali <br /> not be granted until the Impact Fee is paid or the credit issued. The agreement shall <br /> also provide that, in any actian to collect the Impact Fee or any partian thereaf, the city <br /> shall be entitled to all of its costs of enforcement and cc!{�ction, incfuding reasonable <br /> attorney's fees. The city manager may execute �he agreement on behalf of the city in a <br /> form acceptable to the city attorney. Any deferral granted pursuant to this paragraph (c} <br /> shal( be consistent with the requirements of Government Code Section 66007. The <br /> amaunt of any credit granted pursuant to this paragraph shall nat exceed the lesser of <br /> (i) the actual documented construction costs for the dedicated improvemenfi plus the <br /> value of any dedicated land as supported by a professiona3 appraisal produeed by an <br /> independent consultant selected by the City and paid for by the Applicant or (ii) the <br /> maximum credit approved by the City Council pursuant to this paragraph. <br /> 18.259 Calculation of Parks Impact Fee <br /> _ <br /> A. The Impact Fee imposed upon a Development shall be calculated by <br /> subtracting any Pre-Existing Impact Credits fior that Deve(opment (calculated pursuant <br /> to subdivision (C) of this Section} and any Affordable Housing Credit {ca(culated <br /> pursuant to subdivision (D) of fihis Section) from the sum of the Base Amaunts <br /> (calculated pursuant #o subdivision (B) of this Section) for a!i uses constituting that <br /> Deve[apment. If the Pre-Existing Impact Credits for a Development exceed the Base <br /> Amounts for that Development, then the Fee shall be zero. <br /> B. A Base Amount shall be calculated for each Residential Use included in a <br /> D�velopment. With respect to any residential use, the Base Amounf shall be calculated <br /> by multiplying the pianned number of Dwelling Uni#s (af#er the complefiion of the Projecfi} <br /> on the parcels camprising the Development by the then-applicable rate far fihafi Use as <br /> set forth in the Impact Fee Schedule. <br /> C. The Existing Impact Credit for a Development shall be the sum of the <br /> Base Amounts that would be imposed on a project comprised of the structures that <br /> existed on the parcels comprising the Development prior to the constructian proposed in <br /> connection with the Development. <br /> ATTYl�RD/ORD.288 <br /> 090507 <br />