8.30.04 Paid Fees-in-Lieu of Construction

(1) Contributions of fees-in-lieu are considered a viable choice to building on-site, so that public and private dollars can be leveraged for more affordable housing good. (2) The fee to be paid for each market-rate unit shall be determined by the subsidy needed to make a market-rate unit affordable to a low-income household. This subsidy shall be based upon a determination of the average subsidy that would be required to make a typical new starter home consisting of three (3) bedrooms/two (2) baths affordable to a family earning eighty (80) percent of the median gross income of the metropolitan statistical area for households of the same size. (3) The actual fee to be charged and the method of payment shall be fixed by a schedule adopted periodically, by resolution of the Wasatch County Housing Authority and the legislative body of the Town of Daniel, based upon current costs of construction and interest rates. Said fee shall be assessed against the market-rate lots/units of a development and shall be paid by the developer. (4) All fees-in-lieu shall be deposited in a housing trust fund. Said fund shall be administered by the legislative body of the Town of Daniel and the Wasatch County Housing Authority and shall be used for the purpose of providing funding assistance for the provision of affordable housing for rent and for sale units, as well as any reasonable costs of administration consistent with the policies and programs of the Wasatch County Housing Authority and the Town of Daniel. (5) At the discretion of the Town of Daniel legislative body and the Housing Authority, a developer may make an irrevocable dedication of land or other non-monetary contributions of a value not less than the sum that would have been due as a fee-in-lieu, if it is determined that the non-monetary contribution will be helpful in furthering the goals and policies of this chapter. Any costs associated with such appraisal shall be borne by the developer.