At the time the proportionate fair-share mitigation funds are received pursuant to this subchapter, the proportionate fair-share mitigation funds shall be deposited as follows.
(A) Proportionate fair-share mitigation funds shall be placed in the appropriate project account for funding of scheduled improvements in the CIP, or as otherwise established in the terms of the certificate of concurrency, or condition on development approval. At the discretion of the city, proportionate fair-share revenues may be used for operational improvements prior to construction of a project from which the proportionate fair-share funds were derived. Proportionate fair-share mitigation funds may also applied to the 50% local match for funding under the FDOT Transportation Regional Incentive Program (TRIP).
(B) In the event a scheduled facility improvement is removed from the CIP, then the revenues collected for its construction may be applied toward the construction of another improvement within that same corridor or sector that in the decision of the city would mitigate the impacts of development.
(C) Where an impacted regional facility has been designated as a regionally significant transportation facility in an adopted regional transportation plan as provided in F.S. § 339.155, then the city may coordinate with other impacted jurisdictions and agencies to apply proportionate fair-share mitigation and public contributions and seek funding for improving the impacted regional facility under the FDOT Transportation Regional Incentive Program (TRIP). Such coordination shall be ratified by the city through an interlocal agreement that establishes a procedure for earmarking of the developer contributions for this purpose.
(Ord. 531, passed 1-9-2007)