"Fair market value" means the open market bid price for conducting work, using equipment and facilities, and purchase of goods, services and materials necessary for development. This normally is the cost of hiring a contractor to undertake the development from start to finish, including pre-development costs, the cost of labor, materials, equipment and facility usage, transportation and contractor overhead and profit. The fair market value of a development shall include the fair market value of any donated, contributed or found labor, equipment or materials.

This definition applies only to "Shoreline" regulations in chapters 30.44 and 30.67 SCC. (Added by Amended Ord. 12-025, June 6, 2012, Eff date July 27, 2012).