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C. When determined by the City, the developer shall be required to dedicate <br /> a portion of the area in land with the balance to be made in Oees in <br /> lieu of such dedication. In such cases the following procedure All be <br /> used: <br /> /\ f <br /> (1) The City *hall calculate the total amount of land for park area ' <br /> which could be required in accordance with this policy. (Item <br /> 3.A.) <br /> i <br /> (2) From the total amount of land calculated in (1) above, the City <br /> *hall subtract the actual amount of land the City needs for park, <br /> playground or public open space in the proposed development. <br /> (3) The balance of the park area otherwise required shall be cal =seated <br /> as a percentage of the total park dedication obligation. This <br /> percentage shall be multiplied by the approved project density, net <br /> area for which density is calculated and current per dwelling unit <br /> park dedication fee to yield the total cash park dedication <br /> requirement. <br /> 4. Industrial/Commercial Dedication Requirements: Subdividers and developer* <br /> of commercial and Industrial and, Including commercial and industrial <br /> portion* of Mixed planned Unit Developments (WUD's), shall be required at <br /> the time the Site Plan is approved and Building Permits are issued, to <br /> dedicate to the City for park, playground, and public open space purposes <br /> that amount of land equal to ten percent of the land area within the <br /> development upon which the maximum building coverage was calculated in <br /> accordance with the Zoning Ordinance. <br /> �. A vacant or developed parcel shall be subject to this requirement whtaIt is <br /> verified that park dedication requirements have not been applied to the <br /> parcel. <br /> In those cases where the City shall require payment of fees in lieu of such <br /> land dedication, the fees shall be in an amount equal to ten percent of e <br /> Assessor's estimated undeveloped land value for such property toned in the <br /> classification requested by the developer; the land used for this <br /> calculation shall be that upon which the maximum building coverage was <br /> calculated in accordance with the .Zoning Ordinance. These values shall be <br /> determined based upon the City Assessor's estimate of the average value of <br /> undeveloped commercial and industrial land in the City. The City Manager <br /> shall provide the Council, at its first meeting in February each year, or <br /> such other times as the Council may direct, with a report from the City <br /> Assessor indicating his estimate of the average value of undeveloped <br /> commercial and industrial land in the community and a survey of <br /> industrial/commercial fees in effect in comparable communities. <br /> In any et , the park dedication fees required shall not exceed $39300 <br /> per acre. If the City determines that a developer shall be required to <br /> dedicate a portion of the land proposed for development for park or public <br /> open space purposes and such dedication does not satisfy the requirements of <br /> th' policy, the balance due the City in cash shall be based upon *he <br /> A sor's estimated value of the undeveloped land proposed for develor <br />