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(1) Notwithstanding the provisions of CMC 15.40.030 and 15.40.210, upon application by a property owner or land developer, the city council may accept consideration in lieu of the development impact fees required pursuant to this chapter, provided:

(a) The city council, upon recommendation of the city staff, finds that the substitute consideration proposed has a value equal to or greater than such fee; and

(b) The substitute consideration is in a form acceptable to the city council.

(2) A property owner or land developer may elect to construct capital improvement(s). If the property owner or land developer elects to construct such improvement(s), the property owner or land developer must enter into an agreement with the city prior to issuance of any building permit by the city. The agreement must establish the estimated cost of the improvement(s), the schedule for initiation and completion of the improvement(s), a requirement that the improvement(s) be completed to city standards, and such other terms and conditions as deemed necessary by the city.

(3) A property owner, land developer, commercial or industrial enterprise may be entitled to a waiver, reduction, or deferral in the traffic facilities fees established in CMC 15.40.040, the parks and recreation fees established in CMC 15.40.050, the general government fees established in CMC 15.40.060, the parking facilities fees established in CMC 15.40.070, and the public arts fee established in CMC 15.40.090 if the city manager determines that a development will contribute a significant amount of sales tax to the city, will create a substantial number of jobs, or will enhance the city’s quality of life or produce other desirable benefits to the community, commercial or industrial enterprise. (Ord. 714 § 8, 2021).