(A) The City Engineer may direct or authorize the owner and/or developer to construct certain facilities specified in the System Development Fee Analysis and/or described in the current Capital Improvement Program of the city, or portions thereof, at the time and as designated in the study, in lieu of all, or a portion of, the fee required by this chapter. The owner and/or developer might be entitled to a credit if the owner and/or developer:
(1) Designs and constructs the improvements.
(2) Finances said improvements by cash, bond or other means approved by the Council.
(3) A combination of the above. All improvements must be accepted for maintenance by the City Council in order for credit to be accrued to the project unless advanced fee credit is authorized by agreement approved by the City Council.
(B) The credit to be provided to the property owner and/or developer shall be determined by the City Engineer based on prevailing construction costs consistent with the anticipated costs illustrated in the adopted System Development Fee Study as may be modified from time to time. The final credit amount shall be approved by the City Council. The construction of a facility authorized by this section must consist of a usable facility or segment and be approved by the city and constructed in accordance with the city's public improvement design standards.
(C) If the amount of credit due is greater than the amount of System Development Fees otherwise owed for the project, the city, at the City Council's election, may elect to pay the difference from the appropriate development impact fee fund, if funds are available, after the improvements have been accepted by the city as complete. The city shall track and make payments to the installer of facilities based on a strategy of first in line, using the date the City Council accepts the improvements as indicator date. The terms of the reimbursement obligation will be described in an agreement between the developer and the city.
(Ord. 2015-016, passed 10-27-15)