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land,pay a fee equal to the value of that land which would be required to be dedicated,plus costs of off site improvements, prescribed for dedication in Section 17.46.040 of this chapter and in an amount determined in accordance with the provisions of Section 17.46.070 of this chapter, such fee to be used for a local park which bears a reasonable relationship to serve the present and future residents of the area being subdivided or approved for development. 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 Section 17.46.040 of this chapter. B. Fees In Lieu of Land-50 Dwelling Units or Less. If the proposed subdivision or project contains 50 dwelling units or less,the subdivider or developer shall pay a fee equal to the land value, plus costs of off-site improvements, of the portion of the local park required to serve the needs of residents of the proposed subdivision or project as prescribed in Section 17.46.040 of this chapter and in an amount determined in accordance with the provisions of Section 17.46.070 of this chapter. However,nothing in this section shall prohibit the dedication and acceptance of land for park and recreation purposes in subdivisions or projects of 50 dwelling units or less, where the subdivider or developer proposes such dedication voluntarily and the land is suitable to the director of parks and community services and accepted by the city council. C. Use of Money. The money collected hereunder shall be used only for the purpose of acquiring necessary land and developing new or rehabilitating existing park or recreational facilities reasonably related to serving the subdivision or project. 17.46.070 Amount of fee in lieu of land dedication. A. When a fee is to be paid in lieu of land dedication,value of 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 Section 17.46.040 of this chapter, plus costs of off-site improvements, such as extension of utility lines. The fee shall be determined by the following formula: Pop 5 acres FMV DUs X X X = Subtotal DU 1,000 people Buildable acre Subtotal + Cost of off-site improvements=Total in lieu fee pursuant to Section 17.46.040 where DUs = Number of dwelling units as defined in Section 17.46.040 Pop = Population per dwelling unit DU FMV = Fair market value,as determined by Section 17.46.080 Buildable acre = A typical acre of the subdivision, with a slope less than 10 percent,and located in other than an area on which building is excluded because of flooding, easements or other restrictions. B. Fees to be collected pursuant to this section shall be approved by the director of parks and community services. 17.46.100 Procedure. 15