A. The amount of any development impact fee may be amended annually or from time to time by a resolution of the town council in accordance with the procedures and based upon the findings set forth in Government Code section 66000 et seq., for such fees. The town council may authorize by resolution annual adjustments to the impact fees to account for escalation in construction costs, based upon the figures published in the "Engineering News Record" building cost index - twenty (20) cities annual average. Land costs may be evaluated annually and adjusted as necessary based upon the current market conditions at the time.
B. 1. Within one hundred eighty (180) days following the last day of each fiscal year, the town engineer/public works director shall prepare for the town council and make available to the public an activity report covering the previous fiscal year identifying the current fee amount charged, the beginning and ending balance of fees in each trust account, the amount of fees collected and the interest earned, an identification of each public improvement on which fees were expended, the capital facilities to be constructed and the identification of an approximate date by which the construction of each facility to be constructed will commence if the town engineer/public works director determines that sufficient funds have been collected to complete financing of public improvement, that are incomplete or not yet commenced. In preparing the report, the town engineer/public works director shall adjust the estimated costs of the public improvements in accordance with the engineering construction cost index as published by "Engineering News Record" for the elapsed time period from the previous July 1 or the date the cost estimate was developed.
2. The town council shall review the report at a noticed public hearing held not earlier than fifteen (15) days after the report is made available to the public. Within five (5) years following the adoption of any impact fee authorized by this chapter, and every five (5) years thereafter, the town council shall make the findings required by Government Code section 66001 for all development impact fees authorized by this chapter. At any time, the town council may revise the development impact fee program to include additional projects not foreseen as being needed, provided that the appropriate findings required by the mitigation fee act and other appropriate state law are made.
3. In addition to the procedures identified in this section, the development impact fees and studies shall be comprehensively updated and adopted by ordinance or resolution after a noticed public hearing: a) in conjunction with or following a comprehensive general plan update; b) when the town council determines that growth has occurred at rates significantly above the estimates set forth in the general plan such that additional or different fees and facilities are needed; or c) when otherwise directed by the town council. (Ord. 173, 11-10-2005)