(A) Refunds. A refund (or partial refund) will be paid to a developer or property owner who submits a written request to the town and demonstrates that:
(1) The developer has not proceeded with the development, the development impact fees collected have not been expended, encumbered, or pledged for the repayment of financing or debt, and no impact has resulted; or
(2) After collecting the fee to construct a capital facility the town fails to complete construction of the capital facility within the time period identified in the Infrastructure Improvements Plan, as it may be amended, and the corresponding service is otherwise unavailable to the subject real property from that capital facility or any other infrastructure and no impact has resulted.
(a) For a category of necessary public services other than water or wastewater facilities, any part of a development impact fee is not spent within 10 years of the town's receipt of the development impact fee.
(b) Any part of a development impact fee for water or wastewater facilities is not spent within 15 years of the town's receipt of the development impact fee.
(3) If the actual construction costs for the capital facility are less than the construction costs projected in the Infrastructure Improvements Plan by a factor of 10% or more, the refund shall be the difference between the amounts of the development impact fee charged for and attributable to such construction cost and the amount the development impact fee would have been calculated to be if the actual construction cost had been included in the Impact Fee Analysis. The refund contemplated by this subsection shall relate only to the costs specific to the construction of the applicable capital facility and shall not include any related design, administrative, or other costs not directly incurred for construction of the capital facility that are included in the development impact fee.
(B) Earned interest. A refund of a development impact fee shall include any interest actually earned on the refunded portion of the development impact fee by the town from the date of collection to the date of refund.
(C) Refund to government. If a development impact fee was paid by a governmental entity, any refund shall be paid to that governmental entity.
(Ord. 2015-01, passed 2-18-2015)