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city executes an oversize reimbursement agreement with the <br /> property owner for the oversize cost. <br /> (7) Offsets or credits for system facilities dedicated to and accepted by <br /> the city for a new development prior to the effective date of this <br /> division and such developer-borne costs eligible for an offset or <br /> credit shall be prorated among the total number of service units <br /> within the development. <br /> (8) The city may participate in the costs of a system facility to be <br /> dedicated to the city in connection with a new development, <br /> including costs that exceed the amount of the impact fees due for the <br /> development under Schedule 1 for that category of capital <br /> improvements,in accordance with the city's subdivision regulations. <br /> The amount of any offset shall not include the amount of the city's <br /> participation. <br /> (9) No offset or credit shall exceed the impact fee to be collected from <br /> new development as established in section 86.298. <br /> (c) Expiration of offset or credit. All offsets or credits shall expire ten <br /> years from the date the offset or credit was created. <br /> (d) Application of offset or credit. An offset or credit associated with a <br /> new development shall be applied to reduce the impact fee at the applicable time <br /> for collection of the fee, and thereafter until the number of properties subject to <br /> offset or credit are credited. <br /> SECTION 7. Section 86.311 of the San Marcos City Code is hereby amended to read as <br /> follows: <br /> Sec. 86.311. Land use assumptions. <br /> (a) The amended system-wide land use assumptions for the City of San <br /> Marcos,on which the capital improvements plan for water and wastewater facilities <br /> are based, are identified in the most current version of the Sest ein-3-etthe Impact <br /> Fee Report which is attached as Exhibit A and incorporated herein for all purposes <br /> are adopted. <br /> (b) The system-wide land use assumptions may be amended from time <br /> to time, under the procedures in section 86.306. <br /> Sec. 86.312. Impact fee water service area. <br /> (a) An amended impact fee water service area is established, consisting <br /> of the land within the city limits and within portions of the city's extraterritorial <br />