Whenever a developer is required, as a condition of approval or mitigation measure for a new development permit, to construct a public facility described in the adopted T-CIP, the developer shall receive in-lieu credit against applicable TIF for the developer's actual cost of construction, on a dollar for dollar basis, against the TIF which would otherwise be charged. The in-lieu credit shall be no more than the estimated amount contained in the adopted Capital Improvement Plan adjusted for inflation, and shall not include any amount for the developer's profit associated with constructing the improvement.
(Ord. 2019-05 § 7, 2019)