Beginning June 1, 2017, and thereafter each year by June 1 (or as soon thereafter as administratively may be processed), the County Resource Management Agency Director shall authorize the adjustment of the development impact fees for each fee category as follows:
(A) A “mean” index will be computed by averaging the index for 20 U.S. cities with the index for San Francisco by resorting to the January issue of the Engineering News Record magazine Building Cost Index of the year in which the calculation is being made.
(B) An adjustment factor shall be computed by dividing the “mean” index as calculated in division (A) of this section by the “mean” index for the previous January; however, the June 2017 adjustment factor shall be computed by dividing the “mean” index as calculated in division (A) of this section by the “mean” index for June 1, 2016, and, if a new development impact fee has been adopted after January of the previous year, the adjustment factor shall use the “mean” index from the month that the fee was adopted.
(C) The new development impact fee per fee category shall be calculated by multiplying the adjustment factor, as calculated in division (B) of this section, by the development impact fees per fee category in place prior to the annual adjustment.
(D) The costs of the facilities used in the Development Impact Fee Program shall be adjusted annually using the same adjustment factor pursuant to divisions (A), (B) and (C) of this section.
(Ord. 945, § 1(part), 2016)