Ordinance 1824-91 - Laserfiche WebLink

EVERETT 100111 ORDINANCE NO. 1824-91 AN ORDINANCE establishing a special fund entitled "Traffic Mitigation Fund" , Fund No. 157 , as a reserve fund for traffic - mitigation improvements- resulting from the development in Everett. WHEREAS, in accordance with the Interim Traffic Mitigation Policy, the city of Everett requires each SEPA applicant to mitigate its traffic impacts; and WHEREAS, the City Council has found that demands placed upon the existing transportation system as a result of growth and development has resulted in a deterioration of efficient traffic flows on many city and county streets and state highways; and WHEREAS, the traffic mitigation payments made by developers to the city of Everett are and will he an appropriate source of funds for the city to mitigate traffic impacts. • NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: There is hereby created a special fund entitled, "Traffic Mitigation Fund" , Fund No. 157, which is designated as a reserve fund for the purposes provided herein. Section 2: Appropriations from the "Traffic Mitigation Fund" , Fund No. 157 , shall only be made for traffic mitigation improvements required by the SEPA permit process. Appropriations may include planning, direct payments, design, construction and other costs necessary to accomplish traffic mitigation improvements resulting from growth and development. Section 3 : The "Traffic Mitigation Fund" , Fund No. 157 , shall annually contain an estimate of its sources of revenue, its amounts of revenue, and its budgeted appropriations. Section 4: A. The sum of $1, 198,187 is hereby appropriated to the "Traffic Mitigation Fund" , Fund No. 157 , with the following program: Transportation Mitigation-Program No. 108 B. Source of Funds : Developer Mitigation Payments $1, 152,500 Interest Earnings 45 ,687 TOTAL REVENUE $1,198,187 (293-2/jel)