§ 111.540. Gate Parkway Extension Trust Fund.

There is hereby created and established an account to be known as the Gate Parkway Extension Trust Fund, into which shall be deposited all funds received by the City in connection with the Fair Share Assessment Contracts approved by Resolution 2000-1020-A ("Landmar: Russell Park"); Resolution 2000-665-A ("Centex: Wyngate"); Resolution 2001-277-A ("Centex: Touchton Multi-Family"); Resolution 2001-681-A ("Cesery: JTB Multi-Family and Office"); Resolution 2001-1055-A ("Deerwood Lake: Office Phase 2") and Resolution 2001-1056-A ("Deerwood Lake: Mixed Use 2"). All sums placed into this trust fund, including any accumulated interest, are hereby appropriated for the design, permitting, engineering and construction of the Gate Parkway Extension, as more fully set forth in the each fair share contract. Said appropriations shall not lapse at the close of any fiscal year, but instead shall carry over to the next fiscal year.

All monies deposited in this trust fund shall be placed in separate, interest bearing escrow accounts, as follows:

(a)

Landmar Escrow Account: All monies deposited pursuant to the Fair Share Assessment Contract approved by Resolution 2000-1020-A ("Landmar: Russell Park");

(b)

Cesery Escrow Account : All monies deposited pursuant to the Fair Share Assessment Contract approved by Resolution 2001-681-A ("Cesery: JTB Multi-Family and Office");

(c)

Deerwood Lake Escrow Account: All monies deposited pursuant to the Fair Share Assessment Contracts approved by Resolution 2001-1055-A ("Deerwood Lake: Office Phase 2") and Resolution 2001-1056-A ("Deerwood Lake: Mixed Use 2");

(d)

Centex/Pulte Escrow Account: All monies deposited pursuant to the Fair Share Assessment Contracts approved by Resolution 2000-665-A ("Centex: Wyngate") and Resolution 2001-277-A ("Centex: Touchton Multi-Family"). Pursuant to these two contracts, fair share funds paid and deposited with the City pursuant thereto are available for use by the City or private parties to design, permit and construct the Gate Parkway Extension.

All monies and interest placed or earned in this trust fund shall remain in the trust fund until expended for the purposes described herein. Upon final certification of the costs associated with the completed Gate Parkway Extension, as well as final acceptance of the roadway by the Director of Public Works, any interest earned on monies deposited in the above-referenced escrow accounts shall be released to Deerwood Lake, Cesery and/or Landmar, or their successors and assigns, to the extent that the actual roadway costs associated with the parties' respective obligations exceed the fair share assessment amount(s) for each party's proposed development. The remaining balance, if any, shall be transferred to the appropriate fair share sector area fund.

Disbursements from the escrow accounts for payments relating to the design, permitting, engineering and construction of the Gate Parkway Extension shall only be made upon receipt of invoices and/or back-up materials documenting the reasonableness of the expenses incurred for said roadway improvements, as approved by the Chief of Engineering for the Department of Public Works. Any such request for disbursement shall be contemporaneously reviewed and approved by the Director of Planning and Development to ensure compliance with the provisions of the applicable fair share assessment contracts and to confirm the calculation of credits against required fair share contributions. Approval of the disbursement request shall not be unreasonably withheld, and a written decision approving or denying a request for disbursement shall be made within 15 days of receipt thereof.

The Director of Finance and Administration, or his designee, is authorized and directed to make disbursements from the escrow accounts for the purposes described herein, upon the written requisition of the Chief of Engineering.

(Ord. 2003-496-E, § 1; Ord. 2006-422-E, § 111; Ord. 2016-140-E , § 16)

Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization.

Note— Former § 110.399.7.