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A new residential development shall pay a park impact fee per lot as established by Chapter 17.152 SMC and the current fee schedule. When a new residential development provides park and recreation facilities that meet the requirements of SMC 17.147.040 within the development, a reduction in the impact fee may be approved by the community development director. The amount of the reduction shall not exceed the documented cost of the park and recreation facility improvements as provided by SMC 17.147.040. (Ord. 1164 § 4, 2004).