A. A developer may request a credit not to exceed the transportation impact fee otherwise payable, for the fair market value of any dedication of land plus the costs of construction of any improvements to or new construction of any system improvements provided by the developer, where such system improvements are identified in the impact fee project list and are required as a condition of approving the development activity.
1. The fair market value of any dedication of land shall be determined by the director on a case-by-case basis. In the event that the developer disagrees with the director’s valuation, the developer may submit an appraisal for the director’s consideration, prepared by a state-certified real estate appraiser who has a MAI (Member Appraisal Institute) designation from the Appraisal Institute, establishing the fair market value of the dedicated land. The developer shall pay the cost of the appraisal.
2. The cost of construction of any improvements to or new construction of any system improvements shall be estimated by the developer and approved by the director.
3. In the event that the developer donates land for a system improvement in exchange for an increase in floor area ratio, the fair market value of the increase in the floor area ratio provided shall be deducted from the credit calculated pursuant to this subsection A. Any land or system improvement proposed to be dedicated must be accepted by the city in the form and manner provided by applicable city codes and regulations.
B. A developer shall be given a credit against a transportation impact fee in the amount equal to the amount of the developer’s obligation to pay for local improvement district assessments for any transportation improvement project on the impact fee list; provided, that no such credit shall be required if the amount of the local improvement district payment for the transportation improvement project was used in the transportation impact fee program report to reduce the cost of the transportation improvement project that is the basis for the impact fee rate schedule.
C. A developer shall be given a credit against a transportation impact fee in the amount of transportation impact mitigation fees already paid or improvements already constructed where a prior recorded concomitant agreement provided for the payment for or the construction of any transportation improvement or portion thereof included in the impact fee project list. This provision applies only where the property subject to the concomitant agreement is the property on which the development is proposed to be located.
D. Payment of the transportation impact fee entitles the developer and its successors or assigns to a credit in the amount of the impact fee against any other fee or assessment made specifically for the designated system improvements covered by the transportation impact fee imposed under this chapter. (Ord. 6519 § 8, 2020; Ord. 5871 § 8, 2009.)