The City Council may authorize the City to participate in the financing of Transportation Facilities at the time of the appropriation of funds by City Council for the construction of an eligible Transportation Facility; the City shall be eligible to receive a credit known hereafter as an “economic incentive credit.” Such economic incentive credit may be applied to fee obligations for those Development Projects which the City Council determines, in its sole discretion, to be beneficial to the City. The use of the economic incentive credit may be subject to conditions which shall be set forth in a written agreement between the Developer of the subject Development Project and the City and approved by City Council.

The City shall only receive Economic Incentive Credit for Transportation Facility funding provided in excess of the funding identified in the most recent Engineer’s Reports. (Ord. 3440 § 1, 2018).