§ 8.5-48. Refunds of impact fees.

The impact fees collected pursuant to this article may be returned to the then current owner of the property on behalf of which such fee was paid if such fees have not been expended or encumbered prior to the end of the fiscal year immediately following the sixth anniversary of the date upon which such fees were paid. Refunds shall be made only in accordance with the following procedure:

(1)

The then current owner shall petition the city for the refund within one hundred eighty (180) days following the sixth anniversary date on which the impact fee was paid.

(2)

The petition for refund shall be submitted to the city community development director and shall contain:

a.

A notarized sworn statement that the petitioner is the current owner of the property on behalf of which the impact fee was paid;

b.

A copy of the dated receipt issued for payment of such fee or such other record as would indicate payment of such fee;

c.

A certified copy of the latest recorded deed; and,

d.

A copy of the most recent ad valorem tax bill.

(3)

Within three (3) months from the date of receipt of a petition for refund, the city community development director will advise the owner of the status of the impact fee requested for refund, and if such impact fee has not been spent or encumbered within the applicable time period, then it shall be returned to the petitioner. The city shall retain two (2) percent of the impact fee to offset the costs of administering the refund. For the purposes of this section, fees collected shall be deemed to be spent or encumbered on the basis of the first fee in shall be the first fee out.

(4)

Impact fee payments shall be deemed to be expended from the trust on first-in, first-out basis, meaning that the oldest impact fees shall be deemed expended before the more recently deposited impact fees.

(Ord. No. 04-20, § 2.08, 7-27-04)