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7B <br /> Page 25 <br /> D. The Affordable Housing Credit for a Development shali be the equal to (i) <br /> the Base Amounts that would be imposed upon a project comprised o# only the Low <br /> Income Housing Units that are a part of the Devefopment; PLUS (ii) 50% of the Base <br /> Amoun"ts that wauid be imposed upon a project cnmprised of only the Moderate Income <br /> Housing Units that are a part of the Development; MINUS (iii) the Existing Impact <br /> Credit for the Development as calculated pursuant to subdivisian (C) of this Section. If <br /> this calculation yields an amaunt less than zero, then the Affordable Hausing Credit for <br /> the Development shall be zero, <br /> E. The rate af the Fee shall be established from time to time by resolution or <br /> ordinance of the city counci! in fihe mannEr required by Government Code Sections <br /> 66004 and 66018 and other applicable law. <br /> F. Beginning July 1, 2008, and an each July 1 thereafter, the rate of the fee <br /> sha�! i;-;crease without further a�ticn b;�t"e ��ty ����rd;^y to th� follaw;rg formula: <br /> Most Recent ENR <br /> Council-Approved Rate * <br /> ENR at Council-Approvai <br /> Where the "Council-Approved Rate" is the rate mos# recently adopted Impact Fee <br /> Schedule, "Mast Recent ENR" is the most recently published Construction Cnst Index <br /> when the calculation is made and "ENR at Council-Approval" is the Construction Cost <br /> Index published for the month in which the Council adopted the Impact Fee Schedule <br /> including the "Council-Approveci Rate." The Administrator shal{ cafculate the increased <br /> fee annually and give notice of that calculation in the manner required by law for the <br /> publication of ordinance of the City Council. <br /> 18.260 Use of Funds <br /> A. There is hereby established a special fund, entitled the "Parks Impact <br /> Fund," into which all Fee praceeds and any interest thereon shall be deposited. The <br /> fund shall be maintained as required by Government Code Section 66Q06. Revenues <br /> from Impact Fees shall be used exclusively for the installation, acquisition, construction <br /> and improvement of Park Improvements listed in #he Irnpact Fee Project List, including <br /> fihe acquisition of land necessary for such improvements. <br /> B. No such revenues shall be used for periodic or routine maintenance of <br /> facilities. <br /> C. In the evenf that bonds or simi(ar debt instruments are issued for <br /> construction of land or improvements for which impact fees may be expended, impact <br /> fees may be used to pay debt service. <br /> ATTY/ORD/ORD.288 <br /> 090507 <br />