For the purposes of calculating, imposing, and collecting the annexation "buy-in" fee established pursuant to Section
4.04.010 above, the City Finance Director and the City Community Development Director shall reasonably and fairly estimate the value of all municipal improvements existing at the time of the adoption of the ordinance approving the amendments to this chapter. The value of such municipal improvements so estimated shall be divided by the number of dwelling units then existing within the City and the resulting amount shall be utilized by the Community Development Department as the per dwelling unit annexation "buy-in" fee imposed pursuant to Section
4.04.010. In determining the number of dwelling units existing within the City at the time of the calculation, the Community Development Director shall utilize the estimates provided by the Department of Finance of the State of California. Upon its calculation as provided for herein, the amount of the annexation "buy-in" fee shall be approved by resolution of the City Council.
(Ord. 5133, 1999)