(A) The Transportation and Facilities Director shall compute the final amount of the offset credited to a developer.
(B) Any offset may be used by the registered owner of such offset against a transportation development fee imposed on construction of a building in the designated land development project. Offsets may not be used for payment of any other fees, taxes, or amounts due the Town, and shall not have any intrinsic value. The Town shall have no obligation to the holder of any offset who, for any reason, owes no development fees during the life of the offset and thus has no use for the offset.
(C) Each offset shall be valid from the date of issuance until ten (10) years after the effective date of the TDF Agreement, unless an extension not to exceed ten (10) years is granted by the Town Council prior to the termination of the earlier of these periods.
(D) An offset shall be credited in dollars against the applicable transportation development fees in effect on the date when such fees become due under this Section 7.11.
(E) When the TDF Schedule is revised, holders of active offsets may apply to the Transportation and Facilities Director for recalculation within one (1) year from the effective date of fee changes. The amount eligible for offset will be determined under the revised offset provisions in effect when the fees are modified. The applicant requesting recalculation shall be responsible for providing the information needed to recalculate the offset.