§ 47-38A.7. Refunds.

(a)

The current owner of property on which a park impact fee has been paid may receive a refund of such fees if the city fails to expend or encumber the fees within six (6) years of receipt of the fees. The city shall notify potential claimants by first-class mail deposited with the United States postal service at the last known address of the claimants.

(b)

An owner's request for a refund must be submitted to the City in writing within one (1) year of the date the right to claim the refund arises or the date that notice is given, whichever date is later. Any park impact fees that are not expended or encumbered by the city within these time limitations, and for which no application for a refund has been made within this one-year period, shall be retained and expended consistent with the provisions of this section. Refunds of park impact fees shall include interest earned on such fees.

(c)

Should the city seek to terminate any or all park impact fee requirements, all unexpended, unencumbered funds or funds not planned to be expended for a particular development, including interest earned, shall be refunded pursuant to this section. Upon the finding that any or all fee requirements are to be terminated, the city shall place notice of such termination and availability of refunds in a newspaper of general circulation at least two (2) times and shall notify all potential claimants by first-class mail to the last known address of claimants. All funds available for refund shall be retained for a period of one (1) year. At the end of one (1) year, any remaining funds shall be retained by the city, and must be expended by the city consistent with the provisions of this chapter. The notice requirements set forth above shall not apply if there are no unexpended or unencumbered balances within the account or accounts being terminated.

(d)

An applicant may request and shall receive a refund, including interest earned on park impact fees, when (1) the applicant does not proceed to finalize the development; and (2) no impact on the city has resulted. "Impact" shall be deemed to include cases where the city has expended or encumbered park impact fees in good faith prior to the application for refund. In the event that the city has expended or encumbered the fees in good faith, no refund shall be forthcoming. However if, within a period of three (3) years, the same or subsequent owner of the property proceeds with the same or substantially similar development activity, the owner shall be eligible for a credit.

(e)

Interest due upon the refund of park impact fees required by this chapter shall be calculated according to the average rate received by the city on invested funds throughout the period during which the fees were retained.

(Ord. No. C-06-14, § 2, 6-20-06)