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A. The City may provide a credit for the value of any dedication of land for, improvement to, or new construction of any system improvements provided by the developer that are identified in the Capital Facilities Plan and that are required by the City as a condition of approving the development activity.

B. A developer may be entitled to a credit against the park impact fees collected under this chapter in any of the following situations:

1. Where the applicant is required to provide park system improvements identified in the Capital Facilities Plan; or

2. Where the applicant has agreed, pursuant to the terms of a voluntary agreement with the City, to provide land for system improvements identified in the Capital Facilities Plan; or

3. Where the applicant has agreed, pursuant to the terms of a voluntary agreement with the City, to make system improvements to existing park facilities.

C. If applicable, improvements for which credit is requested must be identified prior to approval of a preliminary plat, conditional use permit, development plan, or other development permit.

D. For the purposes of calculating the credit, the land value or costs of construction shall be determined as follows:

1. The amount of credit for land dedicated shall be the higher of either the most recent land valuation by the Snohomish County Assessor, or by an appraisal conducted by an independent professional appraiser chosen by the applicant and acceptable to the City. Either the fee payer or the City may request an appraisal, in which event the cost of the appraisal shall be borne by the requesting party. For the purposes of this section, the value shall be established as of the date the land is dedicated to the City.

2. Credit for facilities constructed shall be based upon the actual cost of construction at the time of construction and shall apply only to approved park system improvements.

E. Applicants for credit for construction of park improvements shall submit acceptable engineering drawings and specifications, legal description, and construction cost estimates to the Director. The estimated value of credits for in-kind improvements shall be based on either the submitted cost estimates or upon alternative engineering criteria and construction cost estimates, at the Director’s discretion. The Director shall provide the applicant with a letter setting forth the estimated dollar amount of the credit, the reason for the credit, and the legal description of the project or development to which the credit may be applied. The applicant must sign and date a duplicate copy of such letter or certificate indicating their agreement to the terms of the letter or certificate and return such signed document to the Director before credit will be given. The failure of the applicant to sign, date, and return such document within 60 days shall nullify the credit. Final credit will be established at acceptance of improvements.

F. In cases where a developer would be entitled to a credit under this section, but the amount of the credit has yet to be determined on a per dwelling unit basis, the City shall take the total credit amount available to the entire plat or project, calculated by applying Subsections (A) through (F) of this section, and divide that amount by the number of dwelling units planned for that plat or project. The impact fee and credit may then be calculated and collected on a per dwelling unit basis as application is made for building permits. Where building permits for some, but not all, of the dwelling units within a plat or project have already been obtained at the time the ordinance codified in this chapter becomes effective, the credit for remaining dwelling units will be calculated to arrive at a per dwelling unit amount in the same manner. For example, if a plat is planned for 20 dwelling units, and building permits have only been issued for 10 of those units, the per dwelling unit credit for the remaining 10 units will equal the total credit amount divided by 20.

G. To utilize an approved credit to reduce impact fees assessed at the time of building permit issuance, the credit must be requested prior to building permit issuance or it is deemed waived.

H. No refund will be allowed in the event that the impact fee credit exceeds the amount of the impact fee itself.