(A) As may be authorized by resolution of the City Council, following review and written report from city staff, capital facilities fee revenues may be used to reimburse a developer, upon his or her written request, under this section. A developer must obtain Council approval for reimbursement, by resolution, before any offer of dedication and before any construction begins for a public improvement, which may be the subject of a reimbursement request. Reimbursement shall only be approved by the City Council where all of the following four conditions are satisfied:
(1) Developer has been required or permitted to install and dedicate a public facility identified in the Technical Report which is oversized (including supplemental size, length or capacity) beyond that which can be attributed to the specific development installing the same;
(2) The facility for which reimbursement is sought is identified by the city as a priority project to be funded within the four-year period immediately following the completion of the facility;
(3) Revenues within the particular CFF account funding the facility are available; and
(4) The sum value of the facility(ies) constructed, based on the most current estimate of the infrastructure item (as defined by annual cost review or other recent evaluation of cost), exceeds the total capital facilities fee liability of the specific development installing the facility.
(B) Reimbursements shall not be authorized if the value of the constructed and dedicated improvement is below the total capital facilities fee liability of the project. Reimbursements for oversizing shall not be available as fee credits against a development's fee liability, except as provided in § 10-8.13.
(C) Reimbursements for oversizing shall include appropriate financing charges (interest) which shall be based upon the rate at which the city can borrow money at the time the reimbursement is approved by the City Council. Financing charges included in any reimbursement payments to a developer or property owner shall not exceed this interest rate, as calculated by the city's Finance Director.
(D) In the case of City Council approval of reimbursement, the reimbursement amount will be based on the most current estimate of the infrastructure item, as defined by annual cost review, other recent evaluation of cost, or actual costs as determined by the director.
(Ord. 754 C.S., passed 6-18-03)