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•' � � 11. 1 Total Proiect VMT = Total vehicle miles of travel on all links impacted by proportionate fair share project (e) A proportionate fair share impact fee credit shall be applied consistent with the following formula: Applicant payment = ((Total project traffic impact fees assessed) + (Proportionate Share Payment)] — (TIF CREDIT) (8) Proportionate Fair -Share Agreements (a) Upon executing a proportionate fair -share agreement (Agreement) and satisfying other concurrency requirements, an applicant shall receive a CCI5 (or its successor upon amendment of initial concurrency regulations) County certificate of concurrency approval. Should the applicant fail to apply for building permits within the timeframe provided for in the county concurrency certificate, then the project's concurrency vesting shall expire, and the applicant shall be required to reapply. Once a proportionate share payment for a project is made and other impact fees for the project are paid, no refunds shall be given. All payments, however, shall run with the land. (b) Payment of the proportionate fair -share contribution for a project and payment of other impact fees assessed to that project shall be due and must be paid prior to the effective date of the proportionate fair share agreement. The effective date shall be specified in the agreement and shall be the date the agreement is approved by the Board or its designee. (c) All developer improvements accepted as proportionate fair share contributions must be completed within 3 three ears of the issuance of the first building permit for the project which is the subject of the proportionate fair share agreement and be accompanied by a security instrument that is sufficient to ensure the completion of all required improvements. The security instrument shall conform to the subdivision construction security requirements of 913.10(1)(D). It is the intent of this section that any required improvements be completed within 3 (three) years of the issuance of the first building permit for the Proiect which is the subiect of the proportionate fair share agreement. (d) Dedication of necessary right-of-way for facility improvements pursuant to a proportionate fair -share agreement must occur prior to the effective date of the proportionate fair share agreement. Bold Underline: Additions to Ordinance 11 Stfike t .,,ug : Deleted Text from Existing Ordinance C:\Documents and Settings\kmassung\Local Settings\Temporary Internet Files\OLKF\2006-_ CHAPTER 910 CMS Proportionateshare.rtf