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UGA Interlocal Agreement (12-09-21) – Page 8 of 14 <br />Table), in effect as of the date of the execution of this Agreement and as it may be amended <br />in the future. <br /> <br />13.2. Administrative provisions for traffic impact mitigation: <br />e) Payment of any traffic impact fees (“TIF”) by developers that is <br />required by this Section shall be made before the County issues building permits. <br />f) The County shall provide the City with an annual report identifying <br />the amount of impact fees collected from County developments within the City’s UGA <br />between January 1 and December 31 of the prior year and shall transfer to the City any TIF <br />funds collected from developments in the City’s UGA by February 15 for the previous <br />year’s impact fee collection. <br />g) The City shall annually provide a report to the County on the traffic <br />impact fee funds collected from both development within both the City and County, <br />including the source and amount of all monies collected, earned, or received, and system <br />improvements that were financed in whole or in part by traffic impact fees, the amount of <br />those mitigation fees expended, and the City impact fee cost basis projects upon which the <br />mitigation fees were expended. <br />h) Construction of any mitigation measures must be complete before <br />occupancy of building(s). <br /> <br />14. SALES AND USE TAX REVENUE POST-ANNEXATION. <br /> <br />14.1. Revenue Sharing. The City recognizes that the annual County budget relies <br />upon revenues from taxes generated within the UGA. The City also recognizes that the role <br />of the County as the regional governmental service provider continues even after <br />annexation. This section provides a revenue sharing formula intended to reduce the adverse <br />financial impact on the County as a result of annexation. <br /> <br />14.2. Sales and Use Tax. The City and County agree to share, for three years <br />from the effective date of the annexation, in the revenues for annexations of significant, <br />developed commercial and/or industrial land that are completed by the City after the <br />effective date of this Agreement. In those cases, sales tax revenues will be computed and <br />shared as established in section 14.3 below. <br /> <br />14.3. Formula for Sales and Use Tax Revenue Sharing Base Value. <br /> <br />a) To determine Base Value for the local sales tax revenue, Base Value <br />for the 1st, 2nd and 3rd years following the effective date of the annexation equals total <br />sales tax revenue received by the City from the 1% local sales tax collected in the twelve <br />(12) full calendar months following the effective date of the annexation and following the <br />first and second anniversaries, respectively (approximately .8415%), so that Base Value is <br />established on the actual sales tax received during the time between payments. <br />b) If taxable sales from industrial and commercial parcels are from <br />fewer than three taxpayers, sales and use tax revenue sharing does not apply. <br />c) For purposes of this Agreement, “significant developed commercial <br />and/or industrial land” shall be those properties which together generated a minimum of