On July 1 of each year, commencing in 2003, the amount of the development impact fees to be paid to the town pursuant to this chapter shall be increased by the percentage change in the annual average of the ENR Index between the prior 2 calendar years. The Finance Director shall make the required calculation by April 1 of each year, and the amount of the development impact fees for the next 12 month period beginning July 1 of that year, as calculated by the Finance Director and reviewed by the Town Manager, shall then be fixed by the Finance Director based upon such calculation, without the necessity of further action by the Council. In no event shall the amount of the development impact fees be reduced based upon a change in the ENR Index. No later than 30 days after the development impact fees are adjusted each year as provided in this section, the Town Clerk shall cause to be published a public notice setting forth the amount of the adjusted development impact fees. The notice shall be published 1 time in a newspaper of general circulation in the town, provided, however, that the failure of the Town Clerk to cause the notice to be published shall not affect the validity of the adjustment to the development impact fees as made by the Finance Director pursuant to this section. In the event the ENR Index information for the prior calendar years is unavailable by April 1, the development impact fees as previously fixed for the prior fiscal year (July 1 to June 30) shall continue in effect until such time as the ENR Index for the prior years is available and the finance director makes the required calculation.
(2001 Code, Art. 16-8) (Am. Ord. 04-588, passed 12-9-2004)