The Town Council may set impact fees based on studies and analyses of the anticipated costs to provide adequate public facilities to new developments. The amount of the impact fees shall not exceed the anticipated cost of providing adequate public facilities which become necessary as a result of the development. The Town may also impose an impact fee for public facility costs previously incurred to the extent that new growth and development will be served by the previously constructed improvement. In setting the amount of the fee, the Town Council shall take into consideration the following factors:
A. The cost of existing capital facilities;
B. The manner of financing existing facilities;
C. The relative extent to which newly developed property and other properties within the Town have already contributed to the costs of existing capital facilities;
D. The relative extent to which newly developed properties and other properties within the Town will contribute to the cost of existing capital facilities in the future;
E. The relative extent to which newly developed properties are entitled to a credit because the Town may be requiring owners or developers to provide common facilities that have historically been provided by the Town and financed through general taxation or other charges in other parts of the Town;
F. The extraordinary costs, if any, in servicing newly developed properties;
G. The time-price deferential inherent in fair comparison of amounts paid at different times. (Ord. 97-1, 5-5-1997)