(A) A property owner may elect, with written permission of the Board of Mayor and Aldermen, to construct an eligible capital improvement listed in the capital improvements plan. If the property owner elects to make such improvement, the property owner must enter into an agreement with the city prior to issuance of any building permit. The agreement must establish the estimated cost of the improvement, the schedule for initiation and completion of the improvement, a requirement that the improvement be completed to city standards, and such other terms and conditions as deemed necessary by the city. The city must review the improvement plan, verify costs and time schedules, determine if the improvement is an eligible improvement, and determine the amount of the applicable credit for such improvement to be applied to the otherwise applicable impact fee prior to issuance of any building permit. In no event may the city provide a refund for a credit that is greater than the applicable impact fee. If, however, the amount of the credit is calculated to be greater than the amount of the impact fee due, the property owner may utilize such excess credit toward the impact fees imposed on other building permits for development on the same site and in the same ownership.
(B) No credits shall be given for the construction of local on-site facilities required by zoning, subdivision or other city regulations.
(2011 Code, § 5-516) (Ord. 15-04, passed 12-21-2015; Ord. 19-11A, passed 4-15-2019)