ORD 2192 - Laserfiche WebLink

Ordinance No. 2192 Page 10 3.26.070 Credits. When a developer constructs a transportation improvement not otherwise required by Titles 18, 19, and 20 of this code, the developer's transportation development fee shall be reduced as provided in this section. A. Eligibility. 1. To be eligible for credit, each of the following must be satisfied: a. The construction for which credit is given must be a transportation improvement which would otherwise be constructed by the city using transportation development fee funds. b. The transportation improvement must appear on the city council approved list of transportation development fee improvements, as said list may be amended from time to time. c. The land on which the work is done must be owned by the city, or offered for dedication to the city through a recorded document. d. The developer shall have improvement plans for the work approved by the city and shall have provided the required security before beginning construction. e. The developer and the city must enter into a written subdivision or other agreement. 2. The agreement shall include the amount of the credit which will be given (or for unusual projects, 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 improvement 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, community facilities district, or otherwise is subject to an assessment, fee or special tax collected specifically to defray the costs of providing or constructing transportation circulation improvements, the amount of credit is equal to that portion of the estimated construction cost of the transportation 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 transportation 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. 1. If a developer is eligible for credit, the community development director 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 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 the office of the county