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Ordinance No. 1765 <br />Page 15 <br /> E. Appeal. Any determination of the Director of Public Works under this section <br />is subject to appeal by the developer to the City Council pursuant to § 3.26.120 of this <br />Chapter. <br /> <br />3.26.080 Reimbursements <br /> <br /> A. General. <br /> <br /> 1. If the credit for improvements due under § 3.26.070 of this Chapter <br />exceeds the required traffic development fee for development, the developer is eligible <br />for reimbursement from the traffic development fee fund. <br /> <br /> 2. To be eligible for reimbursement, the following must be satisfied: <br /> a. The developer is eligible for credit under § 3.26.070; and <br /> b. The credit due exceeds the required traffic development fee. <br /> <br /> B. Development or Other Agreement. <br /> <br /> The terms of a written development or other agreement regarding <br /> reimbursement for traffic improvements shall supersede the terms of this section. <br /> <br /> C. Time and Manner of Reimbursement. <br /> <br /> 1. The Director of Public Works shall determine the exact amount of <br /> reimbursement at the time the improvements are accepted by the City. <br /> <br /> 2. Until repaid, the reimbursement amount shall accrue simple interest <br /> commencing upon acceptance of the improvements by the City. Simple interest shall <br /> accrue each year on January 1 st in an amount equal to the percentage change to the <br /> Engineering News Record Construction Cost Index for the San Francisco - Bay Area. <br /> Reimbursement payments will be applied first to interest and then to principal. <br /> <br /> 3. The total amount of reimbursement, net of credits, shall be set one time <br /> upon acceptance of the traffic improvements. The annual percentage amount of <br /> reimbursement shall be set one time, upon acceptance of the traffic improvements, by <br /> establishing a percentage equal to: the percentage value of the reimbursement amount <br /> compared to the value of all traffic improvements; such set percentage shall then be <br /> <br /> <br />