17.045.009 Funding of projects.
A. A transportation impact fee trust and agency fund is hereby created. The director shall be the fund manager. Transportation impact fees shall be placed in appropriate deposit accounts within the transportation impact fee fund.
B. The transportation impact fees paid to the city shall be held and disbursed as follows:
1. The fees collected for each project shall be placed in a deposit account within the impact fee fund;
2. When the council appropriates capital improvement project (CIP) funds for a project on the project list, the fees held in the impact fee fund shall be transferred to the CIP fund. The non-impact fee moneys appropriated for the project shall comprise both the public share of the project cost and an advancement of that portion of the private share that has not yet been collected in transportation impact fees;
3. The first money spent by the director on a project after a council appropriation shall be deemed to be the fees from the impact fee fund;
4. Fees collected after a project has been fully funded by means of one or more council appropriations shall constitute reimbursement to the city of the public moneys advanced for the private share of the project. The public moneys made available by such reimbursement shall be used to pay the public share of other projects;
5. All interest earned on transportation impact fees paid shall be retained in the account and expended for the purpose or purposes for which the transportation impact fees were imposed.
C. Projects shall be funded by a balance between transportation impact fees and public funds, and shall not be funded solely by transportation impact fees.
D. Transportation impact fees shall be expended or encumbered for a permissible use within 10 years of receipt, unless there exists an extraordinary or compelling reason for fees to be held longer than 10 years. The director may recommend to the council that the city hold fees beyond 10 years in cases where extraordinary or compelling reasons exist. Such reasons shall be identified in written findings by the council.
E. The director shall prepare a periodic report on the transportation impact fee account showing the source and amount of all moneys collected, earned or received and projects that were financed in whole or in part by transportation impact fees. (Ord. 2166 § 1 (Exh. A), 2015; Ord. 2014 § 1 (Exh. A), 2009; Ord. 1658 § 1, 1996).