If the developer is unwilling or unable to provide dedicated employee living space(s) or seasonal employee living space(s) as required, the developer will be able to fulfill the employee living space or seasonal employee living space requirement by placing in an account maintained by the housing authority of Mt. Crested Butte and dedicated to the acquisition and/or development of employee living spaces in the town, an amount equal to the square footage required to be provided for employee living space(s), seasonal employee living space(s) or fractions thereof, multiplied by the cost per square foot for such construction. The value of the project shall be determined by multiplying the total number of square feet to be constructed by the cost per square foot for such construction contained in the Building Valuation Data contained in the publication Building Safety Journal, published by the International Code Council, multiplied by the factor of 1.67 for Group R-3 residential and by a factor of 1.35 for all other groups and classifications. Such square footage cost shall be adjusted every six months, in the publication of the February and August Building Safety Journal publications.
(Ord. No. 12-07, § 1, 1-15-13)