3.54.155 Developer transfer of credits.
A Developer who, in accordance with the provisions of CVMC 3.54.140, 3.54.145, and 3.54.150, receives Fee Credits against future payments of the fee may transfer those Fee Credits as provided herein to another Developer (“Credit Transfer”). If the Developer complies with all conditions of this section, the City shall permit and execute the Credit Transfer. Fee Credits associated with facilities acquired or financed by assessment districts or special tax districts are not eligible for Credit Transfer beyond the boundaries of said district(s).
A. The Developer shall provide the City with written request for credit transfer no later than three business days prior to the desired effective date of the Credit Transfer. The request shall provide the following information:
1. The name of the Developer receiving the Credit Transfer;
2. The dollar value of the transferred Fee Credits; and
3. The fee against which the Fee Credits will be applied.
B. Credit Transfers must abide by the limitations described in CVMC 3.54.140(C). (Ord. 3440 § 1, 2018).