Section 302A-1611 - Credits for excess contributions or advance payment of required construction cost component impact fees(a) Any owner of a development subject to the construction cost component impact fee requirements pursuant to this subpart shall receive credit for any similar contribution, payment, or construction of public school facilities accepted and received by the authority for the portion of the development that is in excess of the impact fee required under this subpart for that development. No credit shall be authorized against the impact fees in lieu.(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.(c) Excess contribution credit may be applied to the construction cost component impact fee requirement for any future development by the same owner in the same school impact district, or with the written approval of the owner of the credit, to any future development by a different owner in the same school impact district.(d) In addition to or instead of applying the credits to future developments, the authority may execute with an owner of the credits an agreement to provide for partial or full reimbursement from the impact fee payments collected from other developers within the same school impact district. The reimbursements shall not exceed the amount of the impact fee revenues available in the account for that school impact district.(e) Any owner of a development shall receive credit for any part of its required construction cost component impact fee that, with the approval of the authority, is paid in advance of the time specified in the written agreement executed in accordance with section 302A-1607(h). The authority 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 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.(f) If private construction of school facilities is proposed by a developer after July 1, 2010, if the proposed construction is acceptable to the authority, and if the value of the proposed construction exceeds the total impact fees that would be due from the development, the authority 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.Amended by L 2021, c 217,§ 12, eff. 7/1/2021.Amended by L 2020, c 72,§ 7, eff. 9/15/2020. L 2007, c 245 , pt of §2; am L 2010, c 188, §14 .Revision Note
"July 3, 2007" substituted for "the effective date of this Act".