A. All multimodal TIF receipts shall be retained in a separate interest-bearing account of the street program. Multimodal TIFs and interest thereon shall only be expended for the purpose for which the multimodal TIFs were imposed.

B. Multimodal TIFs shall be expended or encumbered within 10 years of receipt, unless the city council, in writing, finds that there are extraordinary or compelling reasons for the multimodal TIFs to be held longer than 10 years.

C. In the event a multimodal TIF is not expended or encumbered within 10 years of receipt, or such longer period of time as is established in this section, on public facilities intended to benefit the development for which the multimodal TIF was paid, the current owner of the property for which the TIF was paid may receive a refund of the unspent and unencumbered portion of the multimodal TIF, together with interest earned thereon. In order to receive a refund, the request must be submitted to the city in writing within one year of the expiration date. Notice of a potential refund is placed in the U.S. mail, first class, to the property owner as is then shown on the records of the Whatcom County assessor. Any multimodal TIF not expended within the above-stated time limits for which no request for a refund is received shall be held and expended on the indicated multimodal transportation system facility.

D. A developer who has paid a multimodal TIF but does not proceed with a development shall receive, upon request, a refund of the multimodal TIF, together with interest earned thereon, provided no person trip impact has resulted from the development, minus an appropriate administrative processing fee. [Ord. 2018-12-029 § 4; Ord. 2011-07-037; Ord. 2006-11-106; Ord. 2006-03-021].