Sec. 655.303. - Transportation facilities and/or transportation projects constructed by a landowner or developer.

(a) Applicability. A landowner or developer may construct, or cause to be constructed, transportation facilities and/or transportation projects to offset the transportation impacts of development set forth in a fair share contract. (b) Credit against Fair Share Assessment. A landowner or developer who constructs, or causes to be constructed, transportation facilities and/or transportation projects authorized in subsection (a) shall receive credit against fair share assessments as provided in this Section for the design, permitting, and construction of roadway and/or intersection improvements meeting the written criteria that has been adopted by the Planning and Development Department and approved by the Office of the City Council Auditor. Such credit may be transferred to other landowners or developers and applied to any fair share assessments for proposed developments which have transportation impacts that would be offset by the constructed facilities and/or projects. (c) Calculation of Credit. The credit authorized in subsection (b) shall be calculated using the cost estimates in the most recent issue of the Florida Department of Transportation, Office of Policy Planning, Policy Analysis and Program Evaluation publication entitled Transportation Costs . The cost estimates for facilities and/or projects not identified in Transportation Costs shall be determined by the Public Works Department, prior to the approval of any credit. (d) Construction costs, security, and review. (i) If the actual cost of construction of the transportation facilities and/or transportation projects is less than the estimated cost of the construction of the transportation facilities and/or transportation projects, the landowner or developer shall receive credit for such difference. (ii) If the cost estimate of the construction of the transportation facilities and/or transportation projects is less than the total fair share assessment for which the developer or landowner is responsible, the developer or landowner shall be responsible for paying the difference between the cost estimate of the construction of the transportation facilities and/or transportation projects and the total fair share assessment to the City. (iii) The costs shall be deemed incurred and credit shall be provided pursuant to this Section when a contract for the construction of the transportation facilities and/or transportation projects is awarded, and a payment and performance bond, or other form of security approved by the Office of General Counsel, is provided to the City to guarantee the funding of the facilities and/or projects. The City shall be a co-obligee under the bond or other form of security. (iv) All transportation facilities and/or transportation projects shall be approved by the Public Works Department prior to, and after construction to verify completion and fulfillment of any fair share assessment requirements. (e) Credit against Mobility Fee. Unless the fair share contract or fair share contract amendment contains a contrary provision, the credit authorized in this Section may be applied toward the payment of a mobility fee owed to the City for development within the same Mobility Zone as the transportation facilities and/or transportation project. Unless the fair share contract or fair share contract amendment contains a contrary provision, credit may also be transferred to other landowners or developers for payment of a mobility fee owed to the City for development within the same Mobility Zone as the transportation facilities and/or transportation project. (Ord. 2011-536-E, § 1)