(A) The City Council hereby creates and establishes a development impact fee ("the fee") for the City which shall be used to mitigate unfavorable impacts attributed to new development. Specifically, this fee shall be used by the City to pay a portion of the costs of designated public facilities and, insofar as is permissible, for operations cost increases due to development. This fee shall be based on a formula designed to insure that developers pay their fair share of the costs of such public facilities required to serve the City's growing population.
(B) Such public facilities are currently identified by category in the draft of the City's Capital Improvement Program (CIP), which shall be adopted and revised annually. The CIP facilities may be added to or deleted from the plan, but the City Council directs that this fee shall be used only for public facilities in these categories: government and public safety facilities, vehicles and equipment, essential infrastructure and related facilities, and cultural and recreation facilities required for the continued health, safety and general welfare of the people of the City.