When a fee is to be paid in lieu of land dedication, the amount of such fee will be determined by the fair market value of the amount of usable park land which would otherwise be required to be dedicated pursuant to HMC §
17.04.650. Unless otherwise required by the City Council as provided in HMC §
17.04.670, the fee shall be used for developing new or the rehabilitation of existing neighborhood or community parks which will serve the residents of the area being subdivided.
The "fair market value" shall be based on an appraisal completed no more than 60 days prior to the project application and submitted by the applicant concurrently with the project application. The appraisal shall be prepared by an appropriately licensed and qualified appraiser approved by the City.
(Ord. 1085 § 1, 2009; Ord. 1192 § 2, 2019)