(1) Impact fees shall be assessed based on the City’s fee schedule, as updated by the City Council, through resolution. The park impact fee shall be generated from the formula for calculating park impact fees as set forth in the Rate Study for Park Land Impact Fee by Henderson, Young and Company, dated October 29, 2015 (“Park Rate Study”) as may be amended from time to time, and the Park Study is incorporated into this chapter by this reference. The Park Rate Study utilizes a methodology for calculating impact fees that fulfills all the requirements of RCW 82.02.060(1). A copy of the Park Rate Study shall be kept on file with the City Clerk and is available for public review.

(2) Park Impact Fee Schedule.

(3) Development activities that have received vested rights prior to the adoption of the impact fee rate by resolution of the City Council shall be required to mitigate for park impacts through a park fee-in-lieu, as assessed through an approved preliminary plat or by providing park space at the rate of 450 square feet per lot for single-family residential for densities of four units per acre or more or 100 square feet per dwelling unit for multifamily at a density of eight or more dwelling units per acre. A deficiency in adequate park facilities associated with development activities with vested rights shall be subject to payment of the park impact fee in place at the time of building permit issuance. (Ord. 10-17 § 3 (Exh. A))