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An applicant who constructs all or part of one of the Transportation Improvement Projects may be eligible for a credit or reimbursement, as provided herein.

A. Credit or Reimbursement for Regional Transportation Impact Projects funded by the Strategic Expenditure Plan.An applicant may be eligible for a credit to be applied against payment of the Regional Transportation Impact Fee if the applicant constructs or dedicates right-of-way with respect to all or a part of one of the Transportation Improvement Projects that is, at the time the applicant enters into an agreement with the City for construction of such project, included in the prioritization plan of the Strategic Expenditure Plan as a project to be funded.

An applicant may be eligible for a reimbursement if the cost of constructing such a Transportation Improvement Project, or a part of such Project, exceeds the amount of the Regional Transportation Impact Fee to be paid by the applicant. The amount of reimbursement shall equal the difference between the cost of constructing all or a part of the Regional Transportation Improvement Project and the Regional Development Impact Fee for the development project.

Reimbursement shall be from Regional Development Impact Fee revenues only, and the right to reimbursement shall be terminated ten years from the date the applicant entered into the agreement for construction of the project.

The amount of credit, or the credit and reimbursement together, shall be in an amount equal to the cost of the Regional Transportation Improvement Project or portion thereof, as calculated by the RDIF Agency. The credit, or the credit and reimbursement together, shall be calculated at the time the applicant enters into an agreement for construction of the Regional Transportation Improvement Project. The credit shall be granted at the same time. Once calculated, the amount of reimbursement shall not increase for inflation nor shall it accrue interest.

B. Reimbursement for Projects Not Funded for Construction in the Strategic Expenditure Plan.If an applicant constructs all or a part of a Transportation Improvement Project that is not, at the time the applicant enters into an agreement for construction of such Project, included in the strategic expenditure plan as a Project to be funded, the developer may be eligible for reimbursement from the Treasurer of the RDIF, provided that the Strategic Expenditure Plan is subsequently revised to include the improvement as a Project to be funded.

In such event, the amount of reimbursement shall be in an amount equal to the cost of the Transportation Improvement Project or portion thereof, as set forth in the strategic expenditure plan, and shall be calculated by the City and the Treasurer of the RDIF. The amount of the reimbursement shall be calculated when the applicant enters into an agreement for construction of the Transportation Improvement Project and posts bonds. Once calculated, the amount of reimbursement shall not increase for inflation nor shall it accrue interest. Reimbursement shall be from Regional Development Impact Fee revenues only, and the right to reimbursement shall be terminated ten years from the date the applicant entered into the agreement for construction of the Project.