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9-3.1406 Transit Mitigation Fee.

     1.      Applicability. Whenever property is developed within the City, a Transit Mitigation Fee may be required as a condition of project approval or may be requested by an applicant to be provided in lieu of providing other requirements of this Chapter.

     2.      Amendments. The Council may periodically review and cause an adjustment to made to the Transit Mitigation Fee upon a determination that it is necessary to do so in order to correctly make changes in actual and estimated costs of the facilities and equipment. The adjustment in the fee may also reflect changes in the facilities required to be constructed, in the estimated revenue received, and the availability or lack thereof of other funds with which to construct the transit facilities.

     3.      Payment of Fees. The following provisions shall apply to the timing of payment of Transit Mitigation Fees:

     A.     Fees shall be paid at the time of the filing of the final map or parcel map, as a condition of the waiver of the filing of a parcel map or, if a subdivision is not involved, the fee may be paid, in pro rata amounts, at the time of the issuance of Building Permits. The amount of the fee to be paid shall be the amount that is in effect at the time of payment of the fee.

     B.     If the applicant elects to have payment deferred to the time of issuance of a Building Permit, the recorded final map or parcel map, shall specifically state that payment of a Transit Mitigation Fee is required to be paid before the issuance of a Building Permit.

     C.     Prior to the deferment of any transit mitigation contributions, the applicant shall post bonds to ensure the future payment of the obligation. The bonds shall be valid for a period of not to exceed eighteen (18) months and may be subsequently extended. Before each extension the amount of the obligation shall be recomputed based upon the current contribution schedule.

     4.      Waiver of Fees. The council may waive fees when it determines that doing so would result in a superior project than otherwise might be developed and that doing so would be in the best interest of the City.

     5.      Use of Funds. All fees collected shall be deposited, invested, accounted for and expended in compliance with State law for related transit activities.

(ยง 1, Ord. 666-NS, eff. September 15, 2001)