ORD 1772 - Laserfiche WebLink

Ordinance No. 1772 Page 11 E. Construction costs shall be verified as follows: Within sixty (60) days after a Certificate of Completion for the improvements has been filed, the Funding Developer or property owner who has installed the improvements shall present to the City Engineer a statement of the actual costs of the construction, including reasonable costs of financing the improvements, and related items ("Statement of Costs"). The City Engineer shall have the right to review all records and invoices related to the facilities to verify the Statement of Costs. If the City Engineer determines that any costs submitted are not appropriate, or are unreasonable, the City Engineer shall provide written notice of that decision to deny such costs. If agreement on the Statement of Costs cannot be resolved to the satisfaction of both the City Engineer and the Funding Developer or property owner, the City Manager shall make the final determination as to the Statement of Costs. 3.40.060 Credit Against the Area Development Impact Fee A. If a Funding Developer or property owner constructs and dedicates to the City, or intends to construct and dedicate to the City, basic infrastructure improvements, without regard to whether the improvements are funded by an assessment district, fee benefit area, community facilities district, or other land secured financing mechanism, such Funding Developer/property owner shall be entitled to a credit against the Area Impact Development Fee that the Funding Developer/property owner is otherwise obligated to pay. B. The amount of the credit shall be based on the amount of the estimated construction cost. The credit shall be increased/decreased once the actual construction costs are verified as provided in Section 3.40.055 of this Chapter and the amount thereof refunded (or credited against future obligations) where the credit is increased or the amount thereof paid to the City (or added to future obligations) where the credit is decreased. C. A property owner that has dedicated land without compensation for the rights-of-way required for basic infrastructure improvements shall receive a credit against the Area Development Impact Fee, should such owner decide to develop, for the value of the right-of-way so dedicated. The credit shall be calculated per square foot of land dedicated based on the values set forth in the Master Fee Schedule. D. Following the City's acceptance of the basic infrastructure improvements for which the credit was provided, any credit balance shall be adjusted each January 1 based on the percentage change in the most recent CPI.