(A) General provisions. Funds not obligated for expenditure within three years of the date that they are scheduled to be expended in the Capital Improvements Plan shall be refunded to the record owner of property for which the development impact fees were paid, with actual interest earned, on a first-in, first-out basis. For the purpose of determining whether funds have been spent or encumbered, the first money placed in a Trust Account shall be deemed to be the first money taken out af that account when withdrawals have been made.
(B) Refund process.
(1) The owner of property eligible for a refund of one or more development impact fee payments shall submit to the City Planning and Development Director a notarized sworn statement that the person is the current owner of the property for which a refund is due, a certified copy of the latest recorded deed, and a copy of the most recent ad valorem tax bill for the property.
(2) When a right to a refund exists, the city shall send a refund to the current owner of record within 90 days after it is determined by City Council that a refund is due.
(3) All refunds shall include the pro rata portion of the interest earned while on deposit in the specific Development Impact Fee Trust Account.
(4) A record owner of property for which one or more development impact fee refunds are due has standing to sue for such refund pursuant to S.C. Code § 6-1-1020(D) of the Act if there has not been a good-faith effort towards a timely payment of a refund pursuant to division (B)(2) of this section.
(Ord. 2023-027, passed 10-24-23)