Belmont Municipal Code Div. 3 Credits and Reimbursement Agreements for Capital Improvements

(a) Applicants may receive credit for providing a capital improvement to the city against impact fees otherwise owed only as provided in this division 3.

(b) To be eligible for a credit, an applicant must submit a written application to the director that:

(1) Describes the specified capital improvements proposed to be provided by the applicant, with a cross-reference to the description of the specified capital improvements in the relevant implementing resolution.

(2) Identifies the estimated cost of providing the specified capital improvements (including construction, design, and land acquisition) for which the applicant is requesting credit.

(3) Describes the development project for which the credit is requested to apply.

(4) Demonstrates that either:

a. The applicant is required, as a condition of approval for the development project, to construct the specified capital improvements; or

b. The applicant requests to build one (1) or more specified capital improvements which benefit the development project.

(5) To the extent that credit for land acquisition costs are requested, demonstrates that:

a. The land is required for the capital improvement needs of the city; and

b. The amount of credit for the land acquisition is equal to a reasonable estimate of the fair market value of the land based upon the costs of a property appraisal completed by a certified MAI appraiser retained by the city at the applicant's expense.

(Ord. No. 2014-1081, § 1, 11-25-14)

The application for credit shall be submitted by the applicant to the city at the time of the first application for any city approval for the development project. If the city requires the applicant to construct the capital improvement as a condition of approval for the development project, the applicant may apply for credit before recordation of a final or parcel map for the project or before issuance of a building permit, whichever comes first.

(Ord. No. 2014-1081, § 1, 11-25-14)

(a) The director shall review the application for credit and recommend to the approval body whether it is in the city's best interest to allow the applicant to provide the proposed capital improvement and receive a credit rather than pay the fee.

(b) If the approval body approves the application for credit, the applicant will be entitled to credit against fees otherwise owed, provided that the applicant enters into an agreement with the city which includes the following essential terms:

(1) The design of the specified capital improvement is approved by the city.

(2) The applicant agrees to provide the specified capital improvements in return for the credit.

(3) The amount of credit available to the applicant shall not exceed the lesser of:

a. The applicant's actual cost of providing the specified capital improvement or purchasing land to be dedicated, to be evidenced by the submittal of written documentation to the satisfaction of the director; and

b. The estimated cost of providing the specified capital improvement or land dedicated, as identified in the implementing resolution.

(4) The applicant provides improvement security in a form and amount acceptable to the city.

(5) The applicant identifies the development projects to which the credit will be applied.

(6) The credit may only be applied to fees which would otherwise be owed for the capital improvement category relevant to the specified capital improvement.

(Ord. No. 2014-1081, § 1, 11-25-14)

If the city requires or approves construction of a capital improvement by an applicant, the city may enter into a reimbursement agreement with the applicant for that portion of the cost of the public facility which exceeds the need for the public facility attributable to and reasonably related to the development project, to be reimbursed by applicants for other development projects using those capital improvements.

(Ord. No. 2014-1081, § 1, 11-25-14)