(1) Upon acceptance of an application for a funding source adjustment pursuant to CMC 12.120.040, the applicant shall pay to the City the full amount of the traffic impact fees required pursuant to CMC Title 19. The impact fees collected shall belong to the City and shall be available for use by the City upon receipt of the traffic impact fees. At the expiration of a three-year period commencing from the date of issuance of the certificate of occupancy, the Finance Director shall determine if the average annual City of Covington portion of sales and use tax revenue received by the City meets the minimum amount stated in CMC 12.120.040(2). The determination shall be based upon the sales tax reporting requirements of Chapter 3.10 CMC as it now reads or is hereafter amended.

(2) In the event the three-year average annual City of Covington portion of sales and use tax revenue criteria of CMC 12.120.040(2) has been met as determined by the Finance Director, there shall be an adjustment of the funding source allowed for up to 50 percent of the traffic impact fees paid pursuant to CMC Title 19. In such case, an amount equal to 50 percent of the impact fees previously paid to the City shall be returned to the applicant conditioned upon the requirement that the amount returned will be funded by the sales tax revenue generated by the new retail business.

(3) In the event that the three-year average annual City of Covington portion sales and use tax revenue criteria of CMC 12.120.040(2) has not been met as determined by the Finance Director, a funding source adjustment will not be granted, and the City shall not be required to pay an amount equal to 50 percent of the traffic impact fee collected; provided, however, in cases where the applicant has met at least 75 percent of the amount set forth in CMC 12.120.040(2), the applicant shall be allowed to adjust the funding source for a smaller portion of the impact fees paid, which shall result in the City paying back an amount equal to 25 percent of the impact fees collected conditioned upon the requirement that the amount returned will be funded by the sales tax generated by the new retail business.

(4) In cases where the Finance Director has determined that the applicant has not met either the three-year annual sales and use tax revenue criteria of CMC 12.120.040(2) or 75 percent thereof, the applicant shall not be entitled to any adjustment to the funding source of the traffic impact fees paid pursuant to CMC Title 19. (Ord. 16-16 § 2; Ord. 09-07 § 1)