(A) Fees not expended by the end of the calendar year immediately following six years from the date of payment shall, upon application of the feepayer, be returned to the feepayer with interest at the rate of 5% per year. The First In, First Out (FIFO) method of accounting shall be used for tracking these funds.
(B) The Budget Officer may extend the date at which the funds must be refunded for up to three years. An extension shall be made only on a written finding that within a three-year period, certain capital improvements are planned that will directly benefit the development against which the fees were charged.
(2004 Code, § 102-9) (Ord. 165, passed 11-18-1998)