A. In-lieu fees collected under this article shall be deposited into the central business district parking zones parking in-lieu fund and committed, either by the formation of an improvements district or by allocation to a project.
B. For the fifth fiscal year following the first deposit into the fund, and every five years thereafter, the city shall make all of the following findings with respect to the portion of the fund remaining unexpended, whether committed or uncommitted:
1. Identify the purpose to which the fee is to be put;
2. Demonstrate a reasonable relationship between the fee and the purpose for which it is charged;
3. Identify all sources and amounts of funding anticipated to complete financing of incomplete improvements;
4. Designate the approximate date on which the funding anticipated to complete financing of incomplete improvements is expected to be deposited into the appropriate account or fund.
C. The findings in Subsection B need only be made for moneys in possession of the city, and need not be made with respect to letters of credit, bonds, or other instruments taken to secure payment of the fee at a future date.
D. When sufficient funds have been collected to complete financing on incomplete public improvements for which the fund was established, and the improvements remain incomplete, the city shall identify, within one hundred eighty (180) days of the determination that sufficient funds have been collected, an approximate date by which the construction of the public improvement will be commenced. If this determination is not made in the time and manner outlined herein, the unexpended portion of the fees collected shall be refunded to the then current record owner or owners of the lots or units, as identified on the last equalized assessment roll, of the development project or projects on a prorated basis, and any interest accrued thereon, less a five percent administrative fee as compensation for collection of the fee and administration of this article.
E. The refund of unexpended revenues may be by direct payment, by temporary suspension of fees, or by any other reasonable means adopted by resolution of the city council.
F. If the administrative cost of refunding unexpended revenues exceeds the amount to be refunded, the city council, after a public hearing, notice
of which has been published pursuant to Government Code Section 6061, and posted in three prominent places within the central business district parking zones, may determine that the revenues shall be allocated for some other purpose for which fees are collected subject to this chapter and that serves the project on which the fee was originally imposed. (Ord. 2017-01 (part), 2017: Ord. 2001-03 § 5 (part), 2001: prior code § 7439.1)