Ord 2002-067 - Laserfiche WebLink

Home Browse Search

5. An offset or credit shall not be given a) when no impact fees for a new development can be collected under this ordinance, b) for any amount exceeding the total impact fees due for a new development for that category of capital improvements, unless expressly agreed to by the city in writing, or c) for any oversized facility where the city executes an oversize reimbursement agreement with the property owner for the oversize cost. 6. Offsets or credits for system facilities dedicated to and accepted by the city for a new development prior to the effective date of this ordinance shall be prorated among the total number of service units within the development, and reduced by an amount equivalent to the number of existing service units within the development, and further reduced by the amount of any participation funds received from the city and by any payments received from other developments that utilize the system facility. 7. The city may participate in the costs of a system facility to be dedicated to the city in connection with a new development, including costs that exceed the amount of the impact fees due for the development under Schedule 1 for that category of capital improvements, in accordance with the city's subdivision regulations. The amount of any offset shall not include the amount of the city's participation. C. Offsets or credits created after the effective date of this ordinance shall expire 10 years from the date the offset or credit was created. Offsets or credits arising prior to that effective date shall expire ten years from the date the offset or credit was created. D. An offset or credit associated with a new development shall be applied to reduce the impact fee for the first building or plumbing permit or utility application for the property at the applicable time for collection of the fee, and thereafter to each subsequent building or plumbing permit or utility application, until the offset or credit is exhausted. Section 11. Establishment of Accounts. A. The city finance department shall establish an account to wrnch interest is allocated for each category of capital improvement for which an impact fee is imposed under trns ordinance. Each impact fee collected for that category shall be deposited in that account. B. Interest earned on an impact fee account is considered funds of the account and shall be used solely for the purposes authorized in Section 12. C. The finance depmiment shall establish adequate financial and accounting controls to ensure that impact fees disbursed from the account are utilized solely for the purposes authorized in Section 12. Disbursement of funds shall be authorized by the city at such times are reasonably necessary to carry out the purposes and intent oftrns ordinance; provided, however, that any fee paid shall be expended within a reasonable period of time, but not to exceed 10 years from the date the fee is deposited into the account. 9