A. Impact Fees: The impact fees imposed by this chapter shall be facility impact fees payable in cash, calculated so that new development activity pays for a fair share of: 1) existing public facilities to the extent of excess capacity therein and 2) future facilities and improvements. Impact fees shall be calculated and imposed as provided herein.
B. Developer Credits/Developer Reimbursements: A developer may be allowed a credit against or proportionate reimbursement of impact fees if the developer dedicates land for a system improvement, builds and dedicates some or all of a system improvement, or dedicates a public facility that Corinne City and the developer agree will reduce the need for a system improvement. A credit against impact fees shall be granted for any dedication of land for, improvement to, or new construction of any system improvements provided by the developer if the facilities are system improvements, or are dedicated to the public and offset the need for an identified system improvement.
C. Impact Fee Accounting: Corinne City shall establish a separate interest bearing ledger account for each type of public facility for which an impact fee is collected pursuant to this chapter and deposit impact fee receipts in the appropriate ledger account. Interest earned on each such account shall be retained in that account.
1. Reporting: At the end of each fiscal year, Corinne City shall prepare a report on each impact fee ledger account established as required herein generally showing the source and amount of all monies collected, earned and received by the account and each expenditure from the account. The report shall also identify impact fee funds by the year in which they were received, the project from which the funds were collected, the capital projects for which the funds were budgeted, and the projected schedule for expenditure. The report shall be in a format approved by the state auditor, certified by the Corinne City chief financial officer, and transmitted to the state auditor annually.
2. Impact Fee Expenditures: Corinne City may expend impact fees covered by this chapter only for system improvements: a) identified in the capital facilities plan; and b) for the specific public facility type for which the fee was collected.
3. Time Of Expenditure: Impact fees collected pursuant to this chapter are to be expended, dedicated or encumbered for a permissible use within six (6) years of receipt by Corinne City, unless the town council directs otherwise. For purposes of this calculation, first funds received shall be deemed to be the first funds expended.
4. Extension Of Time: Corinne City may hold previously dedicated or unencumbered fees for longer than six (6) years if it identifies in writing, before the expiration of the six (6) year period: a) an extraordinary and compelling reason why the fees should be held longer than six (6) years; and b) an absolute date by which the fees will be expended.
D. Refunds: Corinne City shall refund any impact fees paid by a developer, plus interest actually earned when: 1) the developer does not proceed with the building activity and files a written request for a refund; 2) the fees have not been spent or encumbered; and 3) no impact has resulted.
E. Additional Fees And Costs: The impact fees authorized hereby are separate from and in addition to user fees and other charges lawfully imposed by Corinne City for new development, such as engineering and inspection fees, building permit fees, review fees, hookup fees, fees for project improvements, and other fees and costs that may not be included as itemized component parts of any impact fee.
F. Fees Effective At Time Of Payment: Unless Corinne City is otherwise bound by a contractual requirement, the impact fee shall be determined from the impact fee schedule in effect at the time of payment in accordance with the provisions of section 1-10-5 of this chapter. (Ord. 09-01, 9-15-2009, eff. 12-15-2009)