A.The Regional Development Impact Fee is hereby established in the amounts specified in a resolution to be adopted by the Council of the City of Monterey for the purpose of paying for Regional Transportation Improvement Projects identified in Exhibit “B” of the JPA needed to meet increased demand created by traffic resulting from new development. The revenues raised from the impact fee shall be remitted to the RDIF Agency to be held, maintained, used and accounted for as required in Government Code section 66006 of the Mitigation Fee Act in a coordinated fashion, as provided in the JPA.

B.The Regional Development Impact Fee shall be automatically adjusted as of July 1 of each year following the first year after the effective date of this Chapter. The adjustment shall be calculated by TAMC as administrator of the RDIF Agency, based on the increase or decrease in the Engineering News Record Construction Cost Index for the San Francisco Bay Area for the period ending December 31 of the preceding calendar year.

C.In addition to the automatic adjustment set forth above, TAMC may recommend to the County and other TAMC members that the Regional Development Impact Fee be increased to reflect revisions to the project list in the Monterey County Regional Transportation Plan, program revenue, increases in land values over the inflationary increase, or other factors.

D.Except as provided in Government Code sections 65961, 66474.2 and 66498.1 or as otherwise provided by state or federal law or the exemptions set forth in Section 16-3 below, no tract map, parcel map, tentative subdivision map, conditional use permit, land use permit, building permit or other land use entitlement for a new development project shall be approved or issued unless payment of the fee is a condition of approval for any such entitlement. Prior to issuance of a building permit or at such other time as required by law, the City shall require the applicant to pay the Fee.

E.Impact fees shall be imposed and collected by the City and, along with any interest earned on the Fees while in the possession of the City, shall be transmitted by the City to the RDIF Agency on the tenth business day of each month for all Fees collected during the prior month. The Fees shall be placed by the RDIF Agency in the Regional Transportation Impact Fee Trust Fund. All interest or other earnings of the Fund shall be credited to the Fund.