(A) Intent. Any impact fees collected under this subchapter are expressly designated for the accommodation of impacts reasonably attributable to the increased demand of proposed land development activity generating traffic as hereinafter provided in this section.
(B) Administrative costs. The city shall be entitled to actual administrative costs not to exceed two percent (2%) of the funds collected as compensation for the administrative expense of collecting and administering these impact fee regulations. All remaining funds collected from impact fees shall be deposited into the fair share transportation facilities impact fee trust fund.
(C) Establishment of trust fund. There is established the Palm Bay Fair Share Transportation Facilities Impact Fee Trust Fund for the purpose of insuring that the impact fees collected pursuant to this subchapter are designated for the accommodation of impacts reasonably attributable to the proposed land development activity generating traffic.
(D) Expenditure of fees in trust fund. Proceeds from the trust fund and interest accrued on such fund shall be used for capital expansion of the major road network system and in a manner consistent with the city comprehensive plan. Proceeds collected from the trust fund and all interest accrued on such funds may also be used for periodic engineering and planning studies to update the fee structure as may be required from time to time.
(E) Investment of fees in interest bearing accounts. Any funds in the trust fund on deposit, not immediately necessary for expenditure, shall be invested in interest bearing accounts. All income derived from these investments shall be retained in the trust fund. These monies shall be utilized for the capital expansion of the major road network system.
(F) Annual recommendation for expenditure of fees. At least once a year, at the time the annual city budget is reviewed, the City Manager shall propose to the City Council appropriations to be spent from the trust fund. After review of the City Manager's recommendation, the City Council shall either approve, modify, or deny the recommended expenditures of the trust fund monies for road improvements. Any amounts not appropriated from the trust fund together with any interest earnings shall be carried over in the trust fund to the next review period.
(G) Return of fees if not spent for capital improvements.
(1) Any impact fees collected shall be returned to the feepayer or his successor in interest if the impact fees have not been spent within seven (7) years from the date the building permit for the development was issued, along with interest of six percent (6%) a year; except that the city shall retain three percent (3%) of the fee to offset the costs of refunding. The City Council may, by resolution, extend for up to three (3) years the date at which fees must be refunded. Such an extension shall be made upon a finding that within such three (3) year period, specific capital improvements are planned and evidenced by the adoption and incorporation into the city's comprehensive plan that these capital improvements shall be constructed within the next three (3) years, that these improvements are reasonably attributable to the feepayer's land development activity generating traffic, and that the impact fees which time of refund is extended shall be spent for these capital improvements. Impact fees shall be deemed to be spent on the basis of the first impact fee collected shall be the first impact fee spent. The refund of impact fees shall be undertaken through the following process:
(a) A refund application shall be submitted within one (1) year following the end of the seven (7) years from the date on which the building permit was issued on the proposed development. If the time of refund has been extended pursuant to division (1) above, the refund application shall be submitted within one (1) year following the end of this extension.
(b) The refund application shall include the following information:
1. A copy of the dated receipt issued for payment of the fee;
2. A copy of the building permit; and, if applicable;
3. Evidence that the applicant is the successor in interest to the feepayer.
(2) Within thirty (30) days of receipt of the refund application, the City Manager or his designee shall determine if it is complete. If the City Manager or his designee determines the application is not incomplete, a written statement specifying the deficiencies shall be mailed to the person submitting the application. Unless the deficiencies are corrected, the City Manager or his designee shall take no further action on the refund application.
(3) When the City Manager or his designee determines the refund application is complete, the refund shall be approved within thirty (30) days if it is determined the feepayer or any successor in interest has paid an impact fee that the city has not spent within the period of time permitted under this section. The refund shall include the impact fee paid plus interest of six percent (6%) a year less the three percent (3%) administrative fee.
(4) Any feepayer or any successor in interest may appeal the decision of a refund application by filing a petition with the City Council within thirty (30) days of the decision. In reviewing the City Manager's decision, the City Council shall use the standards established in division (1)(a) above.
(H) Refund of impact fees paid upon non- commencement of development activity.
(1) Any impact fees collected shall be returned to the feepayer or his successor in interest if the developer so requests and upon cancellation of all building permits. Such refund shall not include interest earned and a three percent (3%) administrative fee shall be retained by the City. Impact fees may be refunded for a period up to two (2) years from payment date. After that period, no refunds can be requested.
('74 Code, § 15-89) (Ord. 91-10, passed 5-16-91; Am. Ord. 2003-23, passed 6-19-03; Am. Ord. 2006-53, passed 5-16-06; Am. Ord. 2008-26, passed 5-1-08)