(A) If a developer constructs a capital improvement they may receive a credit against the corresponding development impact fee for the development project. The developer and the city must enter into a credit agreement prior to the issuance of a building permit for the development project for the developer to receive a credit against the applicable development impact fees. The agreement must estimate the cost of constructing the capital improvement, the schedule for the completion of the capital improvement, a requirement that the capital improvement be constructed to city standards, and such other terms and conditions as deemed necessary by the city.
(B) Reimbursements. If a developer constructs a capital improvement the city may reimburse the developer for the costs of the capital improvement in excess of what is needed to provide services to or mitigate the impacts of the development project. The developer and the city must enter into a reimbursement agreement for the owner to receive a reimbursement. The reimbursement agreement shall require the city, for a period of up to ten years, to reimburse the developer from the development impact fees collected to fund capital improvements of the same type as the capital improvement constructed by the developer. The city shall not reimburse a developer out of the city's general fund or any other city funds.
(C) Maximum credit and reimbursement. In no event shall a developer receive a credit and/or reimbursement in excess of the city's most recent estimated cost of constructing the capital improvement, or the portion of the capital improvement actually completed, by contract or by the city's own forces.
(D) Credit and reimbursement policy. The City Council may, from time to time, adopt by resolution a development impact fee credit and reimbursement policy implementing the provisions of this section.
(E) Execution of agreements. The City Manager may approve and sign any agreements authorized by division (A) or (B) of this section, provided the agreement is consistent with this section and any policy adopted by the City Council pursuant to division (D) of this section.
(Ord. 2022-364, passed 11-16-2022)