§ 107-35. Automatic annual fee schedule adjustment.

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The city council is authorized to automatically adjust the development impact fee schedule set forth in Attachment A to this chapter as necessary and appropriate from time to time. Automatic adjustments to the development impact fees, made pursuant to this section, shall be effective upon their adoption or at such subsequent date designated by the city council.
(1)

Automatic adjustments to the development impact fees shall not exceed the change in the average annual Consumer Price Index (CPI) for the most recent calendar year compared to the average annual CPI used for the original adoption of the impact fee schedule or the last automatic adjustment, whichever most recently occurred.

(2)

The base for computing any adjustment is the average annual Consumer Price Index - All Urban Consumers for the Southern Region (Current Series), published by the United States Department of Labor, Bureau of Labor Statistics.

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

                    
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