20.915.090 Impact Fee Credits.
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A. For the developer. The developer shall be entitled to a credit against the applicable impact fee as follows:
1. The developer shall be entitled to a credit against the applicable impact fee for the fair market value of any dedication of land for and reasonable documented construction costs acceptable to the City associated with the improvement to, or new construction of any system improvements provided by the developer that are identified in the capital facilities plan and that are required by the City as a condition of approval to the development proposal against which the impact fee is assessed.
2. No credit shall be given for project improvements as defined under VMC 20.150.
3. Traffic Impact Fee Credit. Effective June 3, 2015 (effective date of ordinance), the maximum traffic impact credit shall be in the amount of the impact fee applicable to the development proposal against which the impact fee is assessed. The credit shall be applied to the impact fee as calculated for the development proposal against which the impact fee is assessed and shall not exceed the impact fee due.
4. Street Project Assessment Reimbursement Contract for Excess Costs. If a developer has incurred costs for street project system improvements in excess of the amount of the traffic impact fee applicable to the development proposal against which the impact fee is assessed, the developer may apply to the City for a street project assessment reimbursement contract pursuant to VMC Chapter 11.10.
5. Existing traffic impact fee credits. TIF credits that existed prior to June 3, 2015 (effective date of ordinance) shall be utilized consistent with the provisions of the TIF Program Technical Document. The value and ownership of such TIF credits as of June 3, 2015 (effective date of ordinance) shall be documented by a list thereof published by the City and distributed by US mail to the last known addresses of said owners on June 3, 2015 (effective date of ordinance).
B. Traffic Impact Fee reduction. The developer may be provided a TIF reduction pursuant to Section 20.550.050(A) VMC.
C. Traffic Impact Fee Credit for the developer. Additionally, the developer may be provided a credit against the impact fee in an amount up to 10% of the traffic component to account for contributions of mass transit facilities that are approved by the City and made a condition of approval for the development.
D. Impact fee reduction. Where impact fees are owing prior to completion of a system improvement undertaken by the developer, the impact fee shall be reduced by 85% from the Director of Public Works estimate of the credit to be due upon dedication and completion of the required work, provided, if the same has been assured by a bond or other guarantee, as governed by Chapter 20.909 VMC, to be completed no later than the date of occupancy for commercial/industrial/multi-family structures or the final building inspection for single-family and other uses. Upon completion of the required system improvement, appropriate refunds shall be made and credits recognized up to but not to exceed the amount of the impact fee applicable to the development proposal against which the impact fee is assessed based upon the Director of Public Works’ determination of the value of dedication and reasonable construction costs.
E. City credit utilization. Traffic impact fee credits issued by the City after June 3, 2015, (effective date of adopted ordinance) may be utilized in lieu of cash payment only for traffic impact fees for the development proposal against which the impact fee is assessed, as provided in subsection A.3 above. Other impact fee credits recognized by the City may be utilized in lieu of cash payment of impact fees for the subject development and/or any other development within the same service area. (Ord. M-4107 § 6, 12/01/2014; Ord. M-3643, 01/26/2004)