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(A) General provisions. Funds not obligated for expenditure within three years of the date that they are scheduled to be expended in the Town of Mount Pleasant Capital Improvements Plan shall be refunded to the record owner of property for which the impact fees were paid, with actual interest earned, on a first-in, first-out basis. For the purpose of determining whether fees have been spent or encumbered, the first money placed in a trust fund account shall be deemed to the first money taken out of that account when withdrawals have been made.
(B) Refund process.
(1) The owner of property eligible for a refund of one or more development impact fee payments shall submit to the Town Chief Financial Officer a notarized sworn statement that the person is the current owner of the property for which a refund is due, a certified copy of the latest recorded deed, and a copy of the most recent ad valorem tax bill for the property.
(2) When a right to a refund exists, the town shall send a refund to the current owner of record within 90 days after it is determined by Town Council that a refund is due.
(3) All refunds shall include the pro rata portion of the interest earned while on deposit in the specific development impact fee trust account.
(4) A record owner of property for which one or more development impact fee refunds are due has standing to sue for such refund pursuant to § 6-1-1020(D) of the Act (S.D. Code § 6-1-1020(D)) if there has not been a good-faith effort towards a timely payment of a refund pursuant to division (B) of this section.
(Ord. 17009, passed 4-3-17; Am. Ord. 18068, passed 10-9-18)