§ 10.70.240. Fee adjustments by the city.

The city reserves the right to update and adjust the TIP fee from time to time, in accordance with the Mitigation Fee Act. The fee in effect at the time any applicant has obtained a vested development right shall be subject to adjustment by the city as incorporated in updated implementing resolutions in effect at the time that full payment of the fee is made, based upon any or all of the following criteria:

A.

Adjustments in the amount of the estimated construction costs of providing the specified public facilities based upon adjustments in accordance with the inflation index.

B.

Adjustments to replace estimated costs with actual costs (including carrying costs) of providing the specified traffic and/or transportation facilities.

C.

Adjustments to reflect more accurate cost estimates of providing the specified traffic and transpiration facilities based upon more detailed analysis or design of the previously identified specified public facilities.

(Ord. 12786 § 1 (part), 2007)