In lieu of a dedication of land or to mitigate a direct impact that has been identified as a consequence of a proposed development, subdivision, or plat, the city may approve a voluntary payment agreement with the developer. Any such agreement is voluntary for purposes of this chapter even though the only other option available to the developer is to be denied approval of a project permit application. Any such agreement shall be subject to the following provisions:
A. The official, board, or body approving development must find that the money offered will mitigate or is a satisfactory alternative to mitigate the identified direct impact of a development. The direct cost the agreement seeks to have the developer pay must be reasonably necessary to mitigate the direct impact of the development or plat.
B. The payment shall be held in a reserve account and may only be expended to fund a capital improvement agreed upon by the parties to mitigate the identified direct impact.
C. The payment shall be expended in all cases within five years of collection, unless otherwise agreed to by the developer and approved by the developer’s legal advisor due to the unique circumstances involved.
D. Any payment not so expended shall be refunded to the property owners of record at the time of the refund with interest at the rate applied to judgments at the time of the refund. However, if the payment is not expended within five years due to delay attributable to the developer, the payment shall be refunded without interest; provided, property owners entitled to a refund and/or interest under the provisions of the ordinance codified in this chapter may voluntarily and in writing waive their right to a refund for a specified period of time in the interests of providing the designated capital improvement or any other capital improvement identified by the property owner.
Further, at the time a developer enters into a voluntary agreement pursuant to this section, the developer may voluntarily and in writing waive on behalf of the developer and subsequent purchasers, the right to interest and/or a refund in order to facilitate completion of an improvement. Under no condition shall such a waiver be required as a condition of approval. Such waiver shall be recorded with the county where the property is situated and shall be binding on subsequent owners.
E. Nothing in this chapter prohibits the city from collecting reasonable fees from an applicant for a permit or other governmental approval to cover the cost to the city of processing applications, inspections, and reviewing plans, or preparing detailed statements required by Chapter 43.21C RCW. All such fees may be established and amended from time to time by resolution.
F. Nothing in this chapter prohibits the city from imposing transportation impact fees pursuant to Chapter 17.045 BMC. A voluntary agreement pursuant to this chapter may incorporate but shall not duplicate fees for the same impact improved pursuant to Chapter 17.04 BMC. (Ord. 1655 § 1, 1996; Ord. 1181 § 6, 1985).