At the option of the applicant, the drainage impact fee may be calculated based on the adopted Drainage Impact Fee Schedule set forth in Chapter 1-2, less any applicable offsets pursuant to Section 8-1-110 The fee shall be calculated by multiplying the fee per acre for the drainage basin in which the project is located by the gross acreage of the development, including any land to be dedicated to the public for street right-of-way or other purposes.