A. Development agreements containing provisions regarding development impact fees, development impact fee credits, or disbursement of revenues from development impact fee accounts shall comply with the following:
1. A development agreement is required to authorize any of the following:
a. To issue credits before the County's acceptance of an eligible facility.
b. To reimburse the developer of an eligible facility using funds from development impact fee accounts.
c. To allocate different credit amounts per EDU to different parcels within a development.
d. For a single family residential dwelling unit, to allow development impact fees to be paid at a later time than the issuance of a building permit as outlined in subparagraph 19.01.060(F).
2. All development agreements shall be prepared and executed in accordance with A.R.S. § 11-1101 and any applicable requirements of the County code.
3. A development agreement may authorize the issuance of credits before County acceptance of an eligible facility if the development agreement specifically states the form and value of the security (i.e., bond, letter of credit, etc.) to be provided to the County before the issuance of any credits. The County shall determine the acceptable form and value of the security to be provided.
4. If the credits are not to be allocated evenly, the development agreement must specify how credits will be allocated amongst different parcels on a per-EDU basis.
5. Funds reimbursed to developers from development impact fee accounts must be utilized in accordance with applicable law and standard procedures for the use of County funds in construction or acquisition of capital facilities.
6. A development agreement may provide for the deferral of payment of development impact fees for a residential development provided that a development impact fee may not be paid later than 15 days after the issuance of the certificate of occupancy for that dwelling unit. The development agreement shall provide for the value of any deferred development impact fees to be supported by appropriate security.
7. Nothing in this section obligates the County to enter into any development agreement or to authorize any type of credit agreement or reimbursement plan permitted by this section. (Ord. 2020-27 § 1 (part), 2020)