§ 59.1009. Appropriation of Fair-Share Revenues.

(1)

Proportionate fair-share revenues shall be placed in the appropriate project account for the immediate funding of scheduled improvements in the City's CIE, or as otherwise established by City Code or in the terms of the proportionate fair-share agreement. At the discretion of the City, proportionate fair-share revenues may be used for operational improvements prior to construction of the capacity project from which the proportionate fair-share revenues were derived. Proportionate fair-share revenues may also be used as the 50% local match for funding under the FDOT's Transportation Regional Incentive Program (TRIP) or other State funding mechanisms as they become available.

(2)

In the event a scheduled facility improvement is removed from the City's CIE, then the revenues collected for its construction may be applied toward the construction of another improvement within that same corridor or sector that would mitigate the impacts of development pursuant to the requirements of Section 59.1003(2)(b).

Where an impacted regional facility has been designated as a regionally significant transportation facility in an adopted regional transportation plan as provided in F.S. § 339.155, then the City may coordinate with other impacted jurisdictions and agencies to apply proportionate fair-share contributions and public contributions to seek funding for improving the impacted regional facility under the FDOT's TRIP. Such coordination shall be ratified by the City through an interlocal agreement that establishes a procedure for earmarking of the developer contributions for this purpose.

(3)

Where an applicant constructs a transportation facility and actually incurs costs that exceed the applicant's proportionate fair-share obligation calculated under Section 59.1006, the City may, at its sole discretion, enter into an agreement with the applicant providing for reimbursement to the applicant for the excess contribution using one or more of the following methods:

(a)

If consistent with Ch. 56, City Code, an impact fee credit account may be established for the applicant in the amount of the excess contribution, a portion or all of which may be assigned and reassigned under the terms and conditions acceptable to the City, and consistent with City Code. The account shall be maintained, and the credit available, for a period not to exceed six years from the effective date of the agreement, after which the agreement shall terminate, the account shall be closed, and the remaining credit if any, shall be forfeited.

(b)

As limited by law, an account may be established for the applicant for the purpose of reimbursing the applicant for the excess contribution with proportionate fair-share payments from future applicants on the transportation facility. The account shall be maintained, and payments accepted, for a period not to exceed six years from the effective date of the agreement, after which, the agreement shall terminate, the account shall be closed and any remaining funds distributed to the applicant. Any fair-share payments made after termination of the agreement shall be processed consistent with the terms of this part.

(Ord. of 10-29-2007, § 1, Doc. #0710291002)