i. Credit for the dedication of land shall be valued at 100 percent of the most recent assessed value by the Salt Lake County Property Appraiser; by such other appropriate method as the City Council may have accepted prior to the effective date of this ordinance for particular public improvements; or by fair market value established by private appraisers acceptable to the City. Credit for the dedication of park land shall be provided when the property has been conveyed to at no charge to, and accepted by, the City in a manner satisfactory to the City Council.

ii. Applicants for credit for construction of public improvements shall submit acceptable engineering drawings and specifications, and construction cost estimates to the Mayor. The Mayor shall determine credit for construction based upon either these cost estimates or upon alternative engineering criteria and construction cost estimates if the Mayor determines that such estimates submitted by the applicant are either unreliable or inaccurate. The Mayor shall provide the applicant with a letter or certificate setting forth the dollar amount of the credit, the reason for the credit, and the legal description of other adequate description of the project or development to which the credit may be applied. The applicant must sign and date a duplicate copy of such letter or certificate indicating his agreement to the terms of the letter or certificate and return such signed document to the Mayor before credit will be given. The failure of the applicant to sign, date and return such document within sixty (60) days shall nullify the credit.

iii. Except as provided in subparagraph (iv) below, credit against impact fees otherwise due will not be provided until:

iv. Credit may be provided before completion of specified public improvements if adequate assurances are given by the applicant that the standards set out in subparagraph (iii) above will be met and if the fee payer posts security as provided below for the costs of such construction. Security in the form of a cash escrow agreement shall be posted with and approved by the Mayor of Lindon City at one hundred and twenty-five percent (125%) of the amount determined by the City engineer. Twenty-five percent (25%) of the cash escrow account shall remain for two years after completion of the project, as a guarantee of the work, pursuant to Lindon City's Cash Bond Escrow Agreement. If the public improvement construction project will not be constructed within one (1) year of the acceptance of the offer by the Mayor, the amount of the security shall be increased by ten percent (10%) compounded for each year of the life of the security. The security shall be reviewed and approved by the Mayor prior to acceptance of the security by the City Council. If the public improvement construction project is not to be completed within five (5) years of the date of the fee payer's offer, the City Council must approve the public improvement project and its scheduled completion date prior to the acceptance of the offer by the Mayor.