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<br /> <br />amount of credit is equal to that portion of the estimated construction cost of the <br />transportation circulation improvements included in the assessments, fees or special <br />taxes which will be contributed by the development. <br />C. Reimbursement When Credit Exceeds Fee. When the amount of credit exceeds the amount <br />of the developer's transportation development fee, the developer may be eligible for <br />reimbursement of costs under Section 3.26.080 of this chapter. <br />D. How and When Credit is Given. <br />1. If a developer is eligible for credit, the community development director shall calculate <br />the credit pursuant to subsection B of this section, and determine the number of <br />residential units, or office, commercial/retail, or industrial/warehouse square footage for <br />which developer shall receive a credit. Developer shall draw down this credit as he or <br />she receives building permits. No interest shall accrue on the amount of the 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 /> <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 />Page 188 of 893