(A) The owner of a parcel of property otherwise required to pay a fee under § 16.25.101 shall receive a development fee credit when that owner constructs a water facility, or portion thereof, identified in the Water Facilities Fees Study, regardless of how it may be financed, which serves the owner’s parcel or parcels. The development fee credit shall reduce, on a proportionate basis without interest, the water facilities fee required to be paid under § 16.25.101.
(B) The amount of the development fee credit shall not exceed the city’s most recent estimated cost of constructing the facility, or the portion of the facility actually completed, by contract or utilizing city forces.
(C) The owner of a parcel of property within the South Corona area may further be entitled to a development fee credit where the city determines on a case-by-case basis prior to construction of an improvement that the construction of a major water facility or a portion thereof will be necessary to provide basic service to the entire South Corona area even though it does not directly serve the owner’s project or is of greater capacity than that required to serve the owner’s project adequately.
(D) The amount of the development fee credit shall be determined after inspection and acceptance of the water facilities at the time of payment of the fee required by § 16.25.101.
(E) If an owner pays the water facilities fee assessed under § 16.25.101 and later elects to accelerate development by constructing water facilities required for the project, the owner may apply for and receive a refund, up to the amount of the water facilities fee required under § 16.25.101, for such facilities after those facilities are certified by the City Engineer as complying with the water facilities plan, city ordinances and applicable law.
(F) To the extent that an owner is granted a development fee credit, such owner shall not be entitled to future reimbursement except as provided in § 16.25.104.
(G) A development fee credit is an obligation of the city that runs with the land and inures to the benefit of each successor-in-interest of the original landowner until full credit has been received.
(`78 Code, § 16.25.103.) (Ord. 1944 § 1 (part), 1989.)