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(1) An agreement may be entered into between a developer and the County whereby the developer may advance money for the construction, financing, or purchase of facilities, or design of the facilities, within the boundaries of a Local Transportation Facilities Plan; provided, the sole security to the developer for repayment of money or other consideration advanced shall be money subsequently accruing in the applicable Local Transportation Facilities Fund.
(2) Reimbursement shall only be for the amount agreed upon in advance, and shall not include interest or other charges.
(3) The total amount of money reimbursed within a Local Area Transportation Facilities Plan for one fiscal year shall not exceed approximately 25 percent of the fees collected within the plan area during the same fiscal year, except as may otherwise be provided in the applicable Local Area Transportation Facilities Plan.
(4) The agreement shall expire 20 years after the date it was entered into, and any subsequent money paid into the fund shall accrue to the fund without obligation to the developer whose agreement has expired.
(b) Agreements for Consideration In-lieu of Fees. An agreement may be entered into between a developer and the County whereby considerations (e.g., dedication of land, right-of-way, actual construction, equipment, facilities, or design work by a civil engineer) may be accepted in-lieu of part or all of the payment of transportation facilities fees. Prior to approving an agreement, the Board shall find that the in-lieu consideration is equal to or greater in value than the required fee.
(Ord. 4011, passed - -2007)