The street improvement reimbursement fee shall be that amount that equals the costs incurred by the city, divided by the project length, multiplied by the front footage of the adjacent proposed new development, and adjusted, by an amount equal to the change in the construction cost index published in the “Engineering News Record,” to the current value at the time of issuance of the building permit; or stated otherwise as the following formula:

where

F = Street improvement reimbursement fee

C = Total cost of the street improvements incurred by the city

L = Project length (total front footages adjacent to the street improvements)

A = Front footage of the new development adjacent to the street improvements

B = Construction cost index as published by the “Engineering News Record” at the time of completion of the street improvements

P = Construction cost index at the time of issuance of the building permit (Ord. 82-3 § 1, 1982)