Laserfiche WebLink
<br /> <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 />is entitled to 10 percent of the transportation development fees collected each year, <br />irrespective of whether the value of the total transportation c improvements increases or <br />decreases in subsequent years (e.g., if $5,000,000.00 in transportation fees are collected <br />in year two, the developer is entitled to 10 percent or $500,000.00, and interest accrues <br />on the remaining $4,500,000.00). Developer should receive full reimbursement, with <br />interest, upon build-out, subject to adjustments as provided in subsection (C)(4) of this <br />section. <br />4. In the event that the amount to be reimbursed to developers pursuant to this section, or <br />pursuant to a development or other agreement, exceeds the amount of transportation <br />development fees received by the city in the preceding calendar year, the city council <br />shall take action to apportion the available fee revenue to developers entitled to <br />reimbursement pursuant to this section in a manner which the council determines is <br />reasonable for that calendar year. <br />5. The city council may elect, in its absolute discretion, to provide reimbursement at a <br />faster rate than provided in this section, based upon fees collected and available. <br />6. The reimbursement shall be paid one time each calendar year. <br />7. The right to reimbursement shall not run with the land, but shall be personal to the <br />developer. The developer may assign his or her right to reimbursement to another by <br />filing a written notarized assignment with the city clerk. It is the developer's or <br />assignee's responsibility to keep the city clerk advised of a current address. If the city <br />cannot locate a developer or assignee to send a reimbursement payment after reasonable <br />diligence, the amount of the reimbursement for that year is forfeited, and the unclaimed <br />funds shall be returned to the transportation development fee fund. <br />(Ord. 1765 § 2, 1998; Ord. 2000 § 1, 2009; Ord. 2192 § 2, 2019) <br /> <br />§ 3.26.090. Exemptions. <br />Unless a development or other agreement provides otherwise, the following projects shall be <br />exempt, in whole or in part, from the transportation development fee otherwise required by this <br />chapter: <br />A. Residential development consisting of the repair or replacement, on a one-to-one basis, of <br />dwelling units, including expansion that does not result in the creation of additional <br />dwelling units. <br />B. Commercial or industrial/warehouse development consisting of the repair or replacement of <br />Page 189 of 893