§ 33-164. Agreement for offsets and credits.

(a)

An owner of a new development who has constructed or financed a capital improvement or facility expansion designated in the impact fee capital improvements plan, or other capital improvement that supplies excess capacity, as required or authorized by the city, shall enter into an agreement with the city to provide for offsets or credits against impact fees due for the development in accordance with section 33-156. The agreement shall be on a form approved by the city, and shall identify the basis for, the method for computing and the amount of the offsets or credits due and any reduction in offsets or credits attributable to consumption of capacity by developed lots or tracts served by the capital improvements. The facility agreement shall provide for the method to be used to determine the amount of the offset or credit to be given against impact fees due for the development. For multi-phased projects, the city may require that total offsets or credits be proportionally allocated among the phases. If authorized by the city, the agreement also may provide for allocation of credits among new developments within the project, and provisions for the timing and collection of impact fees.

(b)

The city and such owner either may agree that the costs incurred or funds advanced will be offset or credited against the impact fees otherwise due from the new development, or they may agree that the city shall reimburse the owner for such costs from impact fees paid from other new developments which will use such capital improvements or facility expansions, or from other funding sources. In the event that the city elects to reimburse an owner for the dedication, construction or financing of a capital improvement or facility expansion designated in the capital improvements plan, the terms of reimbursement shall be incorporated in the agreement required by subsection (a). Reimbursement agreements shall further be based on the availability of city funds from all sources including current and projected impact fee fund accounts.

(Ord. No. 2092, 8-20-01; Ord. No. 2494, § 1k., 11-17-08; Ord. No. 2725 , § 1k., 10-21-13)