2010 JANUARY - Laserfiche WebLink

the exact method of calculating the credit), when the credit will be given, and to which lots it will apply. B. Calculation of Credit. 1. General. a. The community development director, or his or her designee, ( "director ") shall calculate the amount of credit to be given based upon the approved improve- ment plans and using cost estimates (which are based on recent city project bids 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 community development director's 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 Titles 18, 19, and 20 of this code. 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, commu- nity facilities district, or otherwise is subject to an as- sessment, fee or special tax collected specifically to de- fray the costs of providing or constructing traffic circu- lation improvements, the amount of credit is equal to that portion of the estimated construction cost of the traffic circulation improvements included in the assess- ments, 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 Section 3.26.080 of this chapter. D. How and When Credit is Given. I. If a developer is eligible for credit, the community development director shall calculate the credit pursuant to subsection B of this section, and de- termine the number of residential units, or office, com- mercial /retail, or industrial /warehouse square footage for which 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 83 3.26.080 the office of the county recorder if the developer desires to sell, transfer, or assign the lots prior to obtaining a building permit. E. Appeal. Any determination of the commu- nity development director under this section is subject to appeal by the developer to the city council pursuant to Section 3.26.120 of this chapter. (Ord. 2000 § I, 2009; Ord. 1765 § 2, 1998) 3.26.080 Reimbursements. A. General. I. If the credit for improvements due under Section 3.26.070 of this chapter exceeds the required traffic development fee for development, the developer is eligible for reimbursement from the traffic develop- ment fee fund. 2. To be eligible for reimbursement, the fol- lowing must be satisfied: a. The developer is eligible for credit under Section 3.26.070 of this chapter; and b. The credit due exceeds the required traffic development fee. 13. Development or Other Agreement. The terms of a written development or other agreement re- garding reimbursement for traffic improvements shall supersede the terms of this section. C. Time and Manner of Reimbursement. 1. The community development director shall determine the exact amount of reimbursement at the time the improvements are accepted by the city. 2. Until repaid, the reimbursement amount shall accrue simple interest commencing upon accep- tance of the improvements by the city. Simple interest shall accrue each year on January I st in an amount equal to the percentage change to the Engineering News Re- cord Construction Cost Index for the San Francisco- - Bay Area. Reimbursement payments will be applied first to interest and then to principal. 3. The total amount of reimbursement, net of credits, shall be set one time upon acceptance of the traffic improvements. The annual percentage amount of reimbursement shall be set one time, upon acceptance of the traffic improvements, by establishing a percentage equal to: the percentage value of the reimbursement amount compared to the value of all traffic improve- ments; such set percentage shall then be multiplied by the total of all traffic development fees collected in the preceding year to produce a pro rata payment for each year. Example: The total traffic improvements to be funded by the traffic development fee in year one cost $50,000,000.00; developer builds an improvement val- (Pleasanton Sapp. No. 3, 1 -10)