19.53.070 Parks impact fee updates.
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A. Annual. The parks impact fee rate schedule shall be updated annually using the following procedure:
1. The planning and community development director (“director”) shall use the average of the Building Cost Index and Construction Cost Index for Seattle published by the Engineering News Record to calculate annual inflation adjustments from June to the following June in the impact fee rates. The parks impact fees shall not be adjusted for inflation should the index remain unchanged or show negative growth.
2. The indexed impact fee rates shall be effective January 1st.
B. Revised Basis. The parks impact fee schedule set forth in EMC 19.53.060 shall be updated and revised no later than December 3, 2026. (Ord. 3830-21 § 3, 2021.)