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A. The Clark County treasurer shall retain in an appropriate county fund one percent of the proceeds of the taxes imposed in this chapter to defray costs of collection.
1. The remaining proceeds from the city taxes imposed in this chapter shall be distributed to the city monthly and those taxes imposed under VMC 3.20.010(a) shall be placed by the city director of financial and management services in the capital improvement fund to be used by the city for financing capital projects specified in a capital facilities plan element of the city's comprehensive plan. After January 1, 2021, such revenue shall be used as follows:
a. Fifty-six percent of the revenue, up to a maximum of $1,956,000, shall be used for parks and recreation to support debt issued prior to 2008 for construction of the Firstenburg and remodel of the Marshall recreational facilities through the expiration of the bonds.
b. Nine percent of the revenue, up to a maximum of $172,000, shall be used for neighborhood traffic safety program improvements to city streets consistent with Section 13 of Chapter 49, Laws of Washington, 1982, Extraordinary Session as amended and Section 36 of Chapter 17, Laws of Washington, First Extraordinary Session, 1990, as amended. The maximum shall be adjusted annually beginning on January 1, 2020, by the rate of increase in the Consumer Price Index for All Urban Consumers (1982-1984 = 100) in the Seattle-Tacoma-Bellevue area as published by the U.S. Bureau of Labor Statistics.
c. Twenty percent of the revenue, up to an annual maximum of $1,000,000, shall be used to support construction of public infrastructure projects that facilitate economic development in strategic reinvestment areas of the city. Projects are required to have a return on investment of less than 10 years and generate new family-wage nonconstruction-related jobs.
d. The remainder of the revenue, up to a maximum of $250,000, after the other revenue obligations in subsections (B)(1)(a) through (B)(1)(c) of this section are satisfied, shall be used for parks and recreation capital.
2. Revenues generated from the taxes imposed by VMC 3.20.010(b) shall be deposited into a special revenue fund and used solely for the planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation or improvement of streets, roads, highways, sidewalks, street and roadway lighting systems, and traffic signals, as specified in a capital facilities plan element of a comprehensive plan approved by the city council.
C. This section shall not limit the existing authority of this city to impose special assessments on property benefited in the manner prescribed by law.
D. Every four years the directors of the parks and transportation departments shall jointly file a report with the city council to be known as a REET expenditure accountability report detailing the amount of revenue collected pursuant to this chapter as well as the manner in which such revenues were expended in the preceding four years. The first REET expenditure accountability report shall be presented to city council on or before March 31, 2007. (Ord. M-3251 § 2, 1996: Ord. M-2318 § 4, 1982; Ord. M-3980 § 1, 05/16/2011; Ord. M-3902 § 1, 11/24/2008; Ord. M-3598, Amended, 10/07/2002; Ord. M-3590, Amended, 07/15/2002)