HomeMy WebLinkAbout95-62 - Establishing a Payment Plan for Traffic Impact FeesRESOLUTION NO. .5-
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF COSTA MESA, CALIFORNIA, ESTABLISHING
A PAYMENT PLAN FOR TRAFFIC IMPACT FEES
PERTAINING TO NEW DEVELOPMENT IN THE CITY
OF COSTA MESA.
WHEREAS, on December 5, 1994, the Costa Mesa City Council approved formation of
an Ad Hoc Finance Committee to explore different financing options for payment of traffic
impact fees; and
WHEREAS, on May 1, 1995, the Costa Mesa City Council approved the
recommendations of the Ad Hoc Finance Committee for a payment plan set forth in Exhibit "A";
and
WHEREAS, on May 1, 1995, the Costa Mesa City Council adopted Resolution
No, 95-35 establishing a traffic impact fee pertaining to new development in the City of Costa
Mesa;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Costa
Mesa, California, does hereby adopt a traffic impact fee payment plan as identified
in Exhibit "A", attached hereto and incorporated herein by this reference.
PASSED AND ADOPTED this 7th day of August, 1995.
ATTEST:
Deputy City lerk of the City of Costa Mesa
Ma of the City of Costa Mesa
AP ROVED AS TO FORM
-7 5S
CITY ATTORNEY
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council of
the City of Costa Mesa, hereby certify that the above and foregoing Resolution No. `TS -6 ;Z -
was duly and regularly passed and adopted by the said City Council at a regular meeting thereof
held on the 7th day of August, 1995.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 8th day of August, 1995.
Deputy Ci Clerk and ex -officio Clerk of
the City C0 ncil of the City of Costa Mesa
EXHIBIT "All
TRAFFIC IMPACT FEE PAYMENT PLAN
1. Assessment of traffic impact fees to be changed from
building permit issuance stage to issuance of certificate
of occupancy.
2. Traffic impact fees less than $25,000 and greater than
$300,000 to be paid in full at the time of occupancy.
3. Traffic impact fees of $25,000 and up to $300,000 can be
paid on a payment plan as follows:
FEE
AMOUNT
MAXIMUM TERM
$25,000
- $50,000
2
years
$50,001
- $75,000
3
years
$75,001
- $100,000
4
years
$100,001
- $125,000
5
years
$125,001
- $150,000
6
years
$150,001
- $175,000
7
years
$175,001
- $200,000
1 8
years
$200,001
- $225,000
9
years
$225,001
- $300,000
10
years
Applicable interest rates for the payment plan shall be based on
Treasury rates and published annually by the City on a specified
date. Collection of payments will be secured by a lien on the
property.