A. The specific amount of impact fees created to fund the public facilities specified in Section 3.20.093 shall be initially set forth by a resolution of the city council adopting a development impact fee schedule (the "schedule"). The schedule may be amended annually or from time to time in accordance with the procedures and based upon the findings for such fees set forth in Government Code Section 66000 et seq., or any applicable successor statutes.
B. On July 1st of each fiscal year, beginning in July 2008, the Director of Finance, or his/her designee shall make annual adjustments to the dollar amounts on the schedule by a percentage equal to the percentage change in the "Engineering News Record's Construction Cost Index-San Francisco Bay Area" for the preceding twelve (12) month period calculated from April 1 to March 31. This adjustment will offset the effects of inflation-related construction cost increases (or any deflation related decreases). If this index should cease publication, the Director of Finance shall use any appropriate official index published by the Bureau of Labor Statistics, or successor, or similar agency as may then exist or may then may be most nearly equivalent thereto. Land costs may be evaluated annually and adjusted as necessary based on the current market conditions at the time. The Director of Finance shall present the new schedule for adoption by resolution of the City Council after at least one (1) public hearing.
C. At least once every five (5) years the City Council shall review the basis for the impact fees to determine whether fees are still reasonably related to the needs of new development. If it is necessary to update the previously approved fee study to do so, the City Council may amortize the cost of doing so over the following five (5)-year period and include such cost as an element of the impact fees. (Ord. 2008-03 § 2 (part), 2008).