A. At an applicant’s request, the director may award a credit or credits against TIFs for the total value of system improvements, including dedications of land, improvements and/or construction provided by the applicant. Credits will be given only if the land, improvements, and/or the facility constructed are for one or more of the system improvements listed in the TIF rate study as the basis for calculating the TIF.

B. Each request for a credit or credits shall include a legal description of the dedicated land, a detailed description of improvements or construction provided, and an adequate description of the development activity to which the credit will be applied.

C. For each request for a credit or credits, the applicant shall estimate the value of the dedicated land, improvements, or construction for review and approval by the director. In the event that the director disagrees with the applicant’s valuation, the applicant may submit an appraisal of the fair market value of the dedicated land improvements or construction estimate for the director’s consideration. The appraisal shall be prepared by a state certified appraiser holding an MAI (Member of the American Institute of Appraisers) designation

and/or a construction estimate prepared by a licensed engineer in good standing pursuant to Chapter 18.43 RCW. After receiving and reviewing the appraisal or valuation, the director will determine the dollar amount of any credit, the basis for the credit, the legal description of the real property dedicated where applicable, and the adequate description of the system improvement to which the credit may be applied with issuance of the building permit. If the total value of any such dedication, improvement or construction cost exceeds the amount of the TIF obligation, the developer will not be entitled to reimbursement of the difference.

D. No credit shall be given for project improvements or right-of-way dedications for direct access improvements to and/or within the subject development activity above and beyond what is proposed in the city of Bainbridge Island comprehensive plan transportation element 20-year list.

E. Any claim for credit must be made before payment of the TIF and prior to the issuance of the building permit.

F. Determinations made by the director pursuant to this section shall be subject to the appeals procedures established in Chapter 2.16 BIMC. (Ord. 2015-07 § 1, 2015)