§ 28-129. Administration of development impact fees.

(a)

Separate funds . Development impact fees collected pursuant to this article shall be placed in separate funds for each capital facility category within each service area. Impact fee funds must be held by the city in an interest bearing account or accounts.

(b)

Limitations on use of fees . Development impact fees and any interest thereon collected under this article shall be spent to provide capital facilities associated with the same category of necessary public services in the same service area for which they were collected, including costs of financing or debt used by the city to finance such capital facilities and other costs authorized by this article that are included in the infrastructure improvements plan.

(c)

Time limit . Development impact fees collected after July 31, 2014 shall be used within ten years of the date upon which they were collected for all categories of necessary public services except for water and wastewater facilities. For water facilities or wastewater facilities collected after July 31, 2014, development impact fees must be used within 15 years of the date upon which they were collected.

(Ord. No. 2891, § 2, 5-13-14)