(A) There is hereby levied a tax on each person engaging in the business of development in the city, which tax is to be paid at the time the building permit is issued as provided in § 5-609 of this chapter, as follows:
(1) One dollar per gross square foot of new residential development; and
(2) Two dollars per gross square foot of new non-residential development.
(B) The tax shown in subsection (A) above shall be increased by 2.5% annually to account for inflation on January 1.
(C) Provided, however, that, the total fees herein imposed shall in no event exceed $1 per gross square foot for residential development and $2 per gross square foot of new non-residential development.
(2011 Code, § 5-607) (Ord. 06-35, passed 5- -2006; Ord. 19-11A, passed 4-15-2019; Ord. 22-03B, passed 2-22-2022)