(Amended by Ordinance Nos. 181322, 182652 and 184756, effective November 1, 2011.)
A. No later than every two (2) years as measured from initial enactment, the City shall undertake a review to determine the total SDC’s assessed and collected by transportation district and the total SDC’s expended and programmed by transportation district and project; to determine that sufficient money will be available to help fund the SDC-CIP identified capacity increasing facilities; to determine whether the adopted SDC rate keeps pace with inflation, whether the SDC-CIP should be modified, and to ensure that such facilities will not be overfunded by the SDC receipts.
B. In the event that during the review referred to above, it is determined an adjustment to the SDC is necessary for sufficient funding of the SDC-CIP improvements listed in City Rate Study North Macadam Overlay Rate Study or the Innovation Quadrant Overlay Project Report or to ensure that such SDC-CIP improvements are not overfunded by the SDC, the City Council may propose and adopt appropriately adjusted SDCs.
C. The City Council may from time to time amend or adopt a new City Rate Study by resolution.
D. Beginning January 1, 2009 through December 31, 2012, the City shall undertake an annual review to determine the amount of Transit Oriented Development (TOD) exemptions provided by district.