ORD 2289 - Laserfiche WebLink

Ordinance No.2289 is entitled to 10 percent of the transportation development fees collected each year, irrespective of whether the value of the total transportation c improvements increases or decreases in subsequent years (e.g., if$5,000,000.00 in transportation fees are collected in year two, the developer is entitled to 10 percent or$500,000.00, and interest accrues on the remaining $4,500,000.00). Developer should receive full reimbursement, with interest, upon build-out, subject to adjustments as provided in subsection (C)(4) of this section. 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 transportation 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 than 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 transportation development fee fund. (Ord. 1765 § 2, 1998; Ord. 2000 § 1, 2009; Ord. 2192 § 2, 2019) §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 transportation 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, including expansion that does not result in the creation of additional dwelling units. B. Commercial or industrial/warehouse development consisting of the repair or replacement of structures, provided, that such repair or replacement does not result in any conversion or change in land use which increases the peak hour trip rate applicable to the previous structure, or any enlargement of gross floor area beyond that of the previous structure. C. Additions, extensions or enlargements of an existing commercial, office/retail, or light industrial/warehouse structure which, in any calendar year, do not increase the gross floor area of the structure by 200 square feet or more. (Ord. 1765 § 2, 1998; Ord. 2192 § 2, 2019) §3.26.100. Use of funds. The fees paid pursuant to the provisions of this chapter shall, except for temporary investments,