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Ordinance No.2289 <br /> which developer shall receive a credit. No interest shall accrue on the amount of the <br /> credit. <br /> For a residential subdivision, the lots or units to which the credit will apply shall be <br /> precisely identified; and the entitlement to the credit recorded in the office of the county <br /> recorder if the developer desires to sell, transfer, or assign the lots prior to obtaining a <br /> building permit. <br /> E. Appeal. Any determination of the community development director under this section is <br /> subject to appeal by the developer to the city council pursuant to Section 3.26.120 of this <br /> chapter. <br /> (Ord. 1765 § 2, 1998; Ord. 2000 § 1, 2009; Ord. 2192 § 2, 2019) <br /> § 3.26.080. Reimbursements. <br /> A. General. <br /> 1. If the credit for improvements due under Section 3.26.070 of this chapter exceeds the <br /> required transportation development fee for development, the developer is eligible for <br /> reimbursement from the transportation development fee fund. <br /> 2. To be eligible for reimbursement, the following must be satisfied: <br /> a. The developer is eligible for credit under Section 3.26.070 of this chapter; and <br /> b. The credit due exceeds the required transportation development fee. <br /> B. Development or Other Agreement. The terms of a written development or other agreement <br /> regarding reimbursement for transportation improvements shall supersede the terms of this <br /> section. <br /> C. Time and Manner of Reimbursement. <br /> 1. The community development director shall determine the exact amount of <br /> reimbursement at the time the improvements are accepted by the city. <br /> 2. Until repaid, the reimbursement amount shall accrue simple interest commencing upon <br /> acceptance of the improvements by the city. Simple interest shall accrue each year on <br /> January 1st in an amount equal to the percentage change to the Engineering News <br /> Record Construction Cost Index for the San Francisco—Bay Area. Reimbursement <br /> payments will be applied first to interest and then to principal. <br /> 3. The total amount of reimbursement,net of credits, shall be set one time upon acceptance <br /> of the transportation improvements. The annual percentage amount of reimbursement <br /> shall be set one time, upon acceptance of the transportation improvements, by <br /> establishing a percentage equal to: the percentage value of the reimbursement amount <br /> compared to the value of all transportation improvements; such set percentage shall then <br /> be multiplied by the total of all transportation development fees collected in the <br /> preceding year to produce a pro rata payment for each year. <br /> Example: The total transportation improvements to be funded by the transportation <br /> development fee in year one cost $50,000,000.00; developer builds an improvement <br /> valued at$10,000,000.00 and is entitled to a$5,000,000.00 reimbursement. Developer's <br /> reimbursement amount is 10 percent of the cost of all improvements, so developer <br />