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<br />10/2212007 <br /> <br />existed on the parcels comprising the Development prior to the construction proposed in <br />connection with the Development. <br /> <br />D. The Affordable Housing Credit for a Development shall be the equal to (i) <br />the Base Amounts that would be imposed upon a project comprised of only the Low <br />Income Housing Units that are a part of the Development; PLUS (ii) 50% of the Base <br />Amounts that would be imposed upon a project comprised 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 subdivision (C) of this Section. If <br />this calculation yields an amount less than zero, then the Affordable Housing Credit for <br />the Development shall be zero. <br /> <br />E. The rate of the Fee shall be established from time to time by resolution or <br />ordinance of the city council in the manner required by Government Code Sections <br />66004 and 66018 and other applicable law. <br /> <br />F. Beginning July 1, 2008, and on each July 1 thereafter, the rate of the fee <br />shall increase without further action by the city according to the following formula: <br /> <br />Most Recent ENR <br /> <br />Council-Approved Rate * <br /> <br />ENR at Council-Approval <br /> <br />Where the "Council-Approved Rate" is the rate most recently adopted Impact Fee <br />Schedule, "Most Recent ENR" is the most recently published Construction Cost Index <br />for the San Francisco Bay Area in the Engineering News Record when the calculation is <br />made and "ENR at Council-Approval" is the Construction Cost Index published for the <br />month in which the Council adopted the Impact Fee Schedule including the "Council- <br />Approved Rate." The Administrator shall calculate the increased fee annually and give <br />notice of that calculation in the manner required by law for the publication of ordinance <br />of the City Council. <br /> <br />18.260 <br /> <br />Use of Funds <br /> <br />A. There is hereby established a special fund, entitled the "Parks Impact <br />Fund," into which all Fee proceeds and any interest thereon shall be deposited. The <br />fund shall be maintained as required by Government Code Section 66006. Revenues <br />from Impact Fees shall be used exclusively for the installation, acquisition, construction <br />and improvement of Park Improvements listed in the Impact Fee Project List, including <br />the acquisition of land necessary for such improvements. <br /> <br />B. <br />facilities. <br /> <br />No such revenues shall be used for periodic or routine maintenance of <br /> <br />ATTY/ORD/ORD.288 <br />07 <br /> <br />2318 <br />formerly muff # 305 <br />