1999 MAY - Laserfiche WebLink

3.26.080 the terms of this Section. C. Time And Manner Of Reimburse- ment: 1. The Director of Public Works shall determine the exact amount of reimburse- ment at the time the improvements are accepted by the City. 2. Until repaid, the reimbursement amount shall accrue simple interest com- mencing upon acceptance of the improve- ments by the City. Simple interest shall accrue each yeaz on January 1 in an amount equal to the percentage change to the Engineering News Record Construc- tion 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 reim- bursement shall be set one time, upon acceptance of the traffic improvements, by establishing a percentage equal to: the percentage value of the reimbursement amount compazed to the value of all traffic improvements; such set percentage shall then be multiplied by the total of all traffic development fees collected in the preceding yeaz to produce a pro rata payment for each year. Example: The total traffic improve- ments to be funded by the traffic develop- ment fee in yeaz 1 cost fifty million dol- lars ($50,000,000.00); developer builds an improvement valued at ten million dollazs ($10,000,000.00) and is entitled to a five million dollar ($5,000,000.00) reimburse- ment. Developer's reimbursement amount is ten percent (10%) of the cost of all improvements, so developer is entitled to ten percent (10%) of the traffic develop- ment fees collected each yeaz, irrespective of whether the value of the total traffic improvements increases or decreases in subsequent yeazs. (E.g., if $5,000,000.00 in traffic fees are collected in yeaz 2 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 adjust- ments asprovided in subsection C4 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 traffic development fees received by the City in the preceding calendaz yeaz, the City Council shall take action to appor- tion the available fee revenue to develop- ers entitled to reimbursement pursuant to this Section in a manner which the Coun- cil determines is reasonable for that calen- daz yeaz. 5. The City Council may elect, in its absolute discretion, to provide reimburse- ment at a faster rate than provided in this Section, based upon fees collected and available. 6. The reimbursement shall be paid one time each calendaz yeaz. 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 an- other by filing a written notarized assign- ment with the City Clerk. It is the developer's or assignee's responsibility to keep the City Clerk advised of a current 77 (Pleasanton 5-99)