Fees collected hereunder, shall be segregated into a TIF Facilities Fund with a separately identified TIF State Route and Ramp Account included as part of the fund and the TIF RTCIP Fund. Each TIF fund shall be placed in an interest-bearing account.
(a) TIF RTCIP Fund. RTCIP Impact Fees shall be placed in the TIF RTCIP Fund and shall be accounted for on a County-wide basis. The TIF RTCIP Funds shall be expended solely for the construction or reimbursement for construction of TIF RAS Facilities.
(b) TIF Facilities Fund. All other TIF fees, excluding funds placed in the TIF RTCIP Fund and TIF State Route and Ramp Account, shall be segregated into separate accounts by TIF Area and Region to separately account for TIF paid for local and regional TIF Facilities. TIF Area funds shall be expended solely for the construction or reimbursement for construction of local TIF Facilities within the TIF Area from which the fees comprising the fund were collected. Fees collected hereunder by TIF Region shall be expended solely for the construction or reimbursement for construction of TIF Facilities within the TIF Region from which the fees comprising the fund were collected. These fees may also be used to reimburse the County for TIF Facilities constructed by the County with funds from other sources. TIF Facilities and funds shall be identified in a Department of Public Works Detailed Work Program, which includes capital improvements and other transportation related expenditures. The TIF Facilities within the Detailed Work Program (DWP-TIF) will be presented for Board approval as part of the annual budget approval process or in stand-alone Board letters. TIF Facilities funds within the DWP-TIF will not be co-mingled with other project funds to ensure that revenues and expenditures are solely and exclusively used for TIF Facility construction. However, these funds may be augmented by other sources, if available, in order to complete TIF Facility projects. For North TIF Regional funds, there is an existing reimbursement agreement between the County and Granite Construction Company, and the terms of that agreement will remain in full effect and will be used to continue to reimburse Granite Construction each quarter.
(c) TIF State Route and Ramp Account. Fees collected for the State Route and Ramps portion of the TIF shall be segregated into a TIF State Route and Ramp Account within the TIF Facilities Fund. TIF State Route and Ramp funds shall be expended solely for the construction of State facilities within the TIF Region from which the fees comprising the fund were collected.
Expenditure for interim improvements that provide incremental progress and measurable benefits, such as increased capacity or traffic flow, will be allowed. These interim improvements will be consistent with the long-term objectives of full TIF Facility construction as determined by the Director. When recommended by the Director, interim improvements will be identified in the DWP-TIF or in stand-alone Board letters and expenditures from the applicable TIF funds will be authorized commensurate with DWP-TIF approval. In selecting which specific road improvements shall be recommended, priority shall be given to those roads that serve projects that have paid impact fees.
When DPW Capital Improvements Program (CIP) is requesting use of funds for a specific project, the Department shall allocate those funds out of the applicable TIF fund so as to be available before the docket date of the necessary approving Board letter. Such funds held for the CIP project shall not be eligible for reimbursement by agreement in accordance with this Division. If sufficient cash is available for full reimbursement from the TIF fund or account, then DPW CIP shall receive cash payment. If funds available in the TIF fund or account are insufficient to fully reimburse the DPW CIP project, reimbursements shall be made in quarterly payments as TIF funds accrue.
(Added by Ord. No. 9712 (N.S.), effective 6-19-05; amended by Ord. No. 9919 (N.S.), effective 4-27-08; amended by Ord. No. 10231 (N.S.), effective 12-30-12)