§ 107-21. Granting of credits.  


Latest version.
  • (a)

    Credit shall be given for the present value of any construction of improvements, contribution or dedication of land, or payment of money by a developer or his or her predecessor in title or interest for system improvements of the same public facilities category for which a development impact fee is imposed, provided that:

    (1)

    The system improvement is included for impact fee funding in the capital improvements element;

    (2)

    The amount of the credit does not exceed the portion of the system improvement's cost that is eligible for impact fee funding, as shown in the capital improvements element; and

    (3)

    The city council shall approve said improvement, contribution, dedication, or payment and the value thereof prior to its construction, dedication, or transfer.

    (b)

    The credit allowed pursuant to this section shall not exceed the impact fee due for any particular public facilities category for which a development impact fee is imposed, unless a greater credit is authorized under a private contractual agreement executed under the provisions of this chapter.

    (1)

    Any credit amount in excess of the impact fee due for any particular public facilities category may be carried over and applied to the impact fee due in the same public facilities category for another development by the developer, or to a successor in interest, within the city.

    (2)

    To qualify as a "successor in interest" for entitlement to a credit, notice must have been given to the administrator of a legal transfer or assignment of the right of entitlement to the credit, including the name, mailing address and written, notarized authorization of the grantor and the name and mailing address of the grantee.

( Ord. No. 2016-10-33 , § I, 10-18-2016)