(A) Impact fee calculations.
(1) Pursuant to U.C.A. § 11-36a-305, in calculating an impact fee, the city may include: the construction contract price; the cost of acquiring land, improvements, materials and fixtures; the cost for planning, surveying and engineering fees for services provided for and directly related to the construction of the system improvements; and debt service charges if the city might use impact fees as a revenue stream to pay principal and interest on bonds, notes or other obligations issued to finance the costs of the system improvements.
(2) In calculating the proposed impact fees, the city has based such amounts calculated on realistic estimates and the assumptions underlying such estimates are more particular disclosed in the IFA.
(B) Previously incurred costs.
(1) To the extent that new growth and development will be served by previously constructed improvements, the city’s impact fees may include public facility costs and outstanding bond costs related to the improvements previously incurred by the city.
(2) As provided in the IFA, a buy-in component is contemplated in the analysis and therefore the interest costs associated with any outstanding storm bond obligations have been included in the calculation of the impact fees.
(Prior Code, § 6.01.060) (Ord. 18-05, passed 5-17-2018)