Credits, reductions and other offsets for the value of the construction of road improvements shall not be used to reduce the TIF otherwise owed, except for credits required by the TransNet Ordinance and Expenditure Plan, SANDAG Ordinance 04-01, to be applied to the RTCIP Impact Fee paid by residential developers. If a residential developer funds or constructs a TIF RAS improvement, the developer shall receive a credit in the form of a reimbursement for the improvement up to, but not exceeding, the cost estimates identified in the TIF Report for the RAS facility. If sufficient cash is available for full reimbursement from the RTCIP fund then the developer shall receive the credit in the form of cash payment. If RTCIP fund levels are insufficient to fully reimburse the developer, a cash reimbursement agreement shall be executed to allow for quarterly payments as RTCIP funds accrue. Developers are required to provide documentation of TIF RAS road construction as a condition of determining and applying a credit. RTCIP Impact Fee credit can only be applied upon completion and acceptance of construction of the TIF RAS road. Developers shall refund any credited amounts paid by the County that are subsequently disallowed by a SANDAG audit.
(Added by Ord. No. 10231 (N.S.), effective 12-30-12)