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Ordinance No. 1765 Page 16 multiplied by the total of all traffic development fees collected in the preceding year to produce a pro-rata payment for each yearJ 4. In the event that the amount to be reimbursed to developers pursuant to this section, or pursuant to a development or other agreement, exceeds the amount of traffic development fees received by the City in the preceding calendar year, the City Council shall take action to apportion the available fee revenue to developers entitled to reimbursement pursuant to this section in a manner which the Council determines is reasonable for that calendar year. 5. The City Council may elect, in its absolute discretion, to provide reimbursement at a faster rate that provided in this section, based upon fees collected and available. 6. The reimbursement shall be paid one time each calendar year. 7. The right to reimbursement shall not run with the land, but shall be personal to the developer. The developer may assign his or her right to reimbursement to another by filing a written notarized assignment with the City Clerk. It is the developer's or assignee's responsibility to keep the City Clerk advised of a current address. If the City cannot locate a developer or assignee to send a reimbursement payment after reasonable diligence, the amount of the reimbursement for that year is forfeited, and the unclaimed funds shall be returned to the traffic development fee fund. 3.26.090 Exemptions Unless a development or other agreement provides otherwise, the following projects shall be exempt, in whole or in part, from the traffic development fee otherwise required by this Chapter: A. Residential development consisting of the repair or replacement, on a one-to-one basis, of dwelling units; For example, the total traffic improvements to be funded by the traffic development fee in Year 1 cost $50,000,000; developer builds an improvement valued at $10,000,000 and is entitled to a $5,000,000 reimbursement. Developer's reimbursement amount is 10% of the cost of all improvements, so developer is entitled to 10% of the traffic development fees collected each year, irrespective of whether the value of the total traffic improvements increases or decreases in subsequent years. (E.g. if $5,00,000 in traffic fees are collected in Year 2, the developer is entitled to 10% or $500,000; and interest accrues on the remaining $4,500,000.) Developer should receive full reimbursement, with interest, upon build out, subject to adjustments as provided in subsection 3.26.080.C.4.