Agenda - 01-12-1995 - 1a - Laserfiche WebLink

Browse Search

new buildings or additions to existing buildings where the expansion is related to new residential growth. Such capital costs include actual building construction, design, engineering, and/or legal fees, land acquisition and site development; equipment and furnishings; and/or infrastructure improvements. • For capital improvements within the benefit area from which the funds were collected. • For providing permitted reimbursements. ISSUE: Enabling legislation was obtained through Senate Bill 1679, Chapter 642,will allows Orange County to use impact fee revenues to"construct,equip,improve, renovate, or otherwise make available property for use by a school administrative unit within the county."The bill also the expands the definition of "costs" to include debt service payments and payments under leases. An ordinance amendment is required to include provisions which reflect the new legislation. No funds may be used for public school operating expenses, periodic or routine maintenance, or the administration of this public school impact fee program.Though not applicable at this point,funds must be expended within five(5)years following collection.The five-year period is the time frame coinciding with the public school facilities capital improvements program (CIP) school impact fee period. The disbursal of public school impact fee funds shall require the approval of the Board of County Commissioners upon recommendation of the County Manager. ISSUE: Interest on Fees.Any public school impact fee funds on deposit and not immediately necessary for expenditure must be invested as allowed in N.C. General Statute 159-30 for other public monies. All income derived must be deposited in the applicable trust fund. ISSUE: Interest earned on the investment of impact fee revenues have been identified previously.However,some general description of how such funds are invested and how interest is allocated should be provided. This information is needed since no interest data for FY 1994-95 is available for inclusion in the table at the beginning of this report. Reimbursements. Any funds not expended within the five-year time frame noted above must be returned to the feepayer, or the land owner if the address of the feepayer provided to Orange County is not current, with interest at a rate not to exceed that being paid on public school impact fees. If the Schedule of Public School Impact Fees is reduced, the difference between the old and new fees must also be returned to the feepayer(or land owner).If the Schedule is increased,no additional fees are to be collected from new construction for which certificates of occupancy have been issued. ISSUE: No provision is made for reimbursement of impact fees collected erroneously. Likewise,no provision exists for situations where the impact fee has been paid, and the applicant subsequently files for and is granted an exception. Such reimbursements have been made,however,an ordinance amendment is needed to address this situation.Examples of the"exception"situation may be cited to illustrate the need for the amendment. Annual Report 5