An owner of a new development who has constructed or financed a transportation improvement or facility expansion designated in the transportation improvements plan, or other transportation improvement that supplies excess capacity, as required or authorized by the city, shall enter into an agreement with the city to provide for credits against transportation impact fees due for the development in accordance with § 30-181. The agreement shall identify the basis for and the method for computing and the amount of the credit due and any reduction in credits attributable to consumption of road capacity by developed lots or tracts served by the transportation improvements. For multi-phased projects, the city may require that total credits be proportionally allocated among the phases. If authorized by the city, the agreement also may provide for allocation of credits among new developments within the project, and provisions for the timing and collection of impact fees.
(Ord. 18083, § 1(1-16), passed 5-13-2008, eff. 7-1-2008; Ord. 25810-10-2022, § 2, passed 10-25-2022, eff. 11-1-2022)