§302A-1611 - Credits for impact fees.
[§302A-1611] Credits for impact fees. (a) Any applicant subject to the school impact fee requirements pursuant to this [subpart] may apply for credit for any similar contribution, payment, or construction of public school facilities accepted and received by the department. No credit shall be authorized against the impact fees in lieu of land dedication.
(b) A credit may be applied only against school impact fees that would otherwise be due for new residential developments for which the payment or contribution was agreed to in a written educational contribution agreement. The department shall maintain an accounting of the amount of the credit applicable to the new residential development and shall reduce the amount of the credit by the amount of the school impact fees that would otherwise be due for each building permit issued for the new residential development. After the credit balance is exhausted, no additional credits shall be applied to subsequent building permits issued within the new residential development. (c) If private construction of school facilities is proposed by a developer after July 3, 2007, if the proposed construction is acceptable to the department, and if the value of the proposed construction exceeds the total impact fees that would be due from the development, the department shall execute with the developer an agreement to provide reimbursement for the excess credit from the impact fees collected from other developers within the same benefit district. For the purposes of this section, the private construction of school facilities is a "public work" pursuant to chapter 104. [L 2007, c 245, pt of §2]
Revision Note
"July 3, 2007" substituted for "the effective date of this Act".