On July 1, 2019, and on July 1 of each year thereafter in which the library development impact fee is in effect, the amount of the library development impact fee, per dwelling unit, shall be adjusted as follows:
(A) On or before January 15, 2019, and on or before January 15 of each year thereafter, the County Executive shall provide to the County Council a report which proposes an annual adjustment to the library development impact fee. The adjustment shall be calculated by taking into account the most recent data from the Engineering News Record Construction Cost Index, and changes to other factors and data components in the library development impact fee calculations.
(B) The proposed annual adjustment shall automatically take effect on July 1, the first day of the fiscal year immediately following receipt of the report, unless the County Council enacts a bill that takes effect on or before June 30 of the same year as the report, to change or maintain the library development impact fee.
(Bill No. 16-04, 4-5-2016; Bill No. 19-06, 4-16-2019)