(A) Any applicant subject to a development fee imposed pursuant to this article who dedicates real property or interests therein to the city for the construction of capital improvements or who constructs, escrows money with the city for the construction of, agrees to participate in an assessment district for the construction of or who otherwise contributes funds for capital improvements may be eligible for a credit for such dedication, construction or contribution against the development fee otherwise due.
(B) Eligibility for, and the amount of, the credit shall be determined by the director of public works based on adopted city standards and procedures, including, but not limited to, whether the dedication, construction or contribution meets capital improvement needs for which the particular development fee has been imposed, as provided in this article and the capital improvement plan or applicable master plan; whether the dedication, construction or contribution will substitute for or otherwise reduce the need for or cost of capital improvements anticipated to be provided with development fee funds; and the value of the dedication, construction or contribution. In no event, however, shall the credit exceed the amount of the otherwise applicable development fee.
(C) If the cost of construction exceeds the fee credits, the developer may receive a reimbursement as determined by the director of public works based on adopted city standards and procedures, including, but not limited to, whether the dedication, construction or contribution meets capital improvement needs for which the particular development fee has been imposed, as provided for in this article and the capital improvement plan or applicable master plan; whether the dedication, construction or contribution will substitute for or otherwise reduce the need for or cost of capital improvements anticipated to be provided with development fee funds; and the value of the dedication, construction or contribution. In no event, however, shall the reimbursement exceed the lesser of the estimated cost of the improvements shown in the city’s development impact fee nexus study, subject to inflation factors, or the actual cost incurred.
(`64 Code, Sec. 27-88.13) (Ord. No. 2258, 2979)