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Credit for construction of Capital Facilities shall be valued by the City <br /> based on complete engineering drawings, specifications, and construction <br /> costs estimates submitted by the Fee Payer to the City. The City shall <br /> determine the amount of credit due based on the information submitted, <br /> or, if it determines the information is inaccurate or unreliable, then on <br /> alternative engineering or construction costs acceptable to the City <br /> Planning Director or a designee. <br />(c) Contributions. <br /> Contributions for Capital Facilities shall be based on the value of the <br /> contribution or payment at the time it is made to the City. <br /> <br />When Credits Become Effective. <br /> <br />(a) Land Dedication. <br /> Credits for land dedication shall become effective after the credit is <br /> approved pursuant to this Section, a Credit Agreement is entered into, and <br /> the land has been conveyed to the City in a form established by the City <br /> Council at no cost to the City and the dedication of land has been accepted <br /> by the City Council. <br /> <br />(b) Construction. <br /> Credits for construction of Capital Facilities shall become effective after the <br /> credit is approved pursuant to this Section, a Credit Agreement is entered <br /> into and (a) all required construction has been completed and has been <br /> accepted by the City Co) a suitable maintenance and warranty bond has been <br /> received and approved by the City, and .,(c) all design, construction, <br /> inspection, testing, bonding, and acceptance procedures have been <br /> completed in compliance with all applicable City and State requirements. <br /> Approved credits for the construction of Capital Facilities may become <br /> effective at an earlier date if the Fee Payer posts security in the form of an <br /> irrevocable letter of credit or escrow agreement and the amount and terms <br /> of such security are accepted by the City Council. At a minimum, such <br /> security must be in the amount of the approved construction credit or an <br /> amount determined to be adequate to allow the City to construct the <br /> Capital Facilities for which the credit was given, whichever is higher. <br /> <br />(c) Contribution. <br /> Credits for contributions for Capital Facilities shall become effective after <br /> the credit is approved pursuant to this Section, a Credit Agreement is <br /> entered into and the contribution is actually made to the City in a form <br /> acceptable to the City and has been accepted by the City Council. <br /> <br />Transferability of Credits. <br />Credits for contributions, construction or dedication of land shall be transferable <br />within the same development and for the same Capital Facility for which the credit <br />is provided, but shall not be transferable outside the development or used as credit <br />against Fees for other Capital Facilities. Credit may be transferred pursuant to these <br />terms and conditions by any written instrument that dearly identifies which credits <br />issued under this Chapter are to be transferred. The instrument shall be signed by <br />both the transferor and transferee, and the document shall be delivered to the City <br />Planning Director or designee for registration of the change in ownership. If there <br />are outstanding obligations under a Credit Agreement, the City may require that the <br /> <br />11 <br /> <br /> <br />