ORD 1765 - Laserfiche WebLink

Ordinance No. 1765 Page 14 for similar work). The cost of right-of-way to be purchased shall be based upon an appraisal done by a licensed appraiser at City expense. b. For nonstandard improvements, the credit shall be calculated based on information provided by the developer (such as bids or other documents verifying costs) for the Director of Public Works' review and approval. c. The calculation of costs shall be based only on work which is eligible for credit under subsection A of this section. No credit shall be given for the cost of constructing improvements otherwise required by direct development pursuant to PMC Title 18 (Zoning), Title 19 (Subdivisions), and Title 20 (Building and Construction). The amount of credit includes construction costs and the cost of engineering. 2. Assessment Districts, Benefit Area and Community Facilities Districts. If development occurs within an assessment district, fee benefit area, community facilities district, or otherwise is subject to an assessment, fee or special tax collected specifically to defray the costs of providing or constructing traffic circulation improvements, the amount of credit is equal to that portion of the estimated construction cost of the traffic circulation improvements included in the assessments, fees or special taxes which will be contributed by the development. C. Reimbursement when credit exceeds fee. When the amount of credit exceeds the amount of the developer's traffic development fee, the developer may be eligible for reimbursement of costs under §3.26.080 of this Chapter. D. How and When Credit is Given. 1. If a developer is eligible for credit, the Director of Public Works shall calculate the credit pursuant to subsection B of this section, and determine the number of residential units, or office, commercial / retail, or industrial / warehouse square footage for ~vhich developer shall receive a credit. Developer shall draw down this credit as he or she receives building permits. No interest shall accrue on the amount of the credit. 2. For a residential subdivision, the lots or units to which the credit will apply shall be precisely identified; and the entitlement to the credit recorded in the office of the County Recorder if the developer desires to sell, transfer, or assign the lots prior to obtaining a building permit.