A. There shall be a separate accounting for the franchise fee paid by Arizona Public Service Company to the City of Casa Grande pursuant to the franchise agreement adopted in Casa Grande Ordinance 3104.
B. The franchise fee shall be accrued by the Casa Grande City Council as follows:
1. For each dollar of the franchise fee paid to the City, 34 % will be deposited into an Aesthetic Revitalization Fund. Projects funded by the Aesthetic Revitalization Fund will include: underground dark conduit or live wires, landscaping of rights-of-way, widening of rights-of-way, fixing drainage on rights-of-way, assuring better traffic accessibility on rights-of-way, multi-modal transportation, Americans with Disability Act (ADA) compliance on rights-of-way, sewer line work, pavement restoration, greenbelt and open space planning, redevelopment projects, or other projects as determined by the City Council.
2. For each dollar of the franchise fee paid to the City, 33% will be deposited into the General Fund and is not dedicated to a specific purpose.
3. For each dollar of the franchise fee paid to the City, 33% will be deposited into an Economic Development Fund until the Economic Development Fund balance reaches $250,000.00. The $250,000.00 limit is meant to be an accrual limit and in no way shall limit the Council allocation of City funds for economic development projects from this or other sources. The provisions of Chapter 7.01 of the Casa Grande Municipal Code shall govern the distribution of the Economic Development Fund.
4. When the Economic Development Fund balance accrues to $250,000.00, each additional dollar of franchise fee payment will be split equally and deposited into the Aesthetic Revitalization Fund and the General Fund.
5. If the Economic Development Fund balance falls below $250,000.00, the method of distribution will be returned to the original distribution among the three funds until the $250,000 accrual limit on the Economic Development Fund is met.
(Ord. 1397.7.2 § 1 (part), 2002)