§ 56.42. Return of Funds.

Impact fees collected pursuant to this ordinance shall be returned to the then-present owner of a residential development if the respective impact fee funds have not been spent or encumbered within five years of being paid or if the respective residential development was abandoned after the fee was paid but before a certificate of occupancy was issued for the respective residential development, if:

(a)

The then-present owner petitions the director for the refund within one year of the end of the five-year term (during which the impact fees were not spent of encumbered) or of abandonment of the residential development.

(b)

The petition contains:

1.

A notarized sworn statement that the petitioner is the current owner of the property; and

2.

A copy of the dated receipt issued by the city for payment of the impact fee; and

3.

A certified copy of the latest recorded deed for the applicable property; and

4.

A copy of the most recent ad valorem tax bill for the applicable property.

The director shall render a written decision on the petition within 60 days of receiving the petition. For purposes of determining whether impact fees have been spent or encumbered, the first money place in an impact fee fund shall be deemed to be the first money withdrawn from that account when withdrawals have been made pursuant to section 56.42 of this ordinance. Funds returned to a petitioner shall be returned with the actual interest earned while deposited in the impact fee fund.

(Ord. No. 2016-65, § 1, 9-15-2016, Doc. #1609151205)