Agenda - 12-20-94 - X-A - Laserfiche WebLink

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6 • Impact fees collected by the municipalities must be delivered quarterly to the County. • The agreement may be terminated at the end of any fiscal year by giving six months written notice. The City of Mebane declined to participate in the Interlocal Agreement, electing instead to direct residents to Hillsborough to make payment of impact fees. The Carrboro Board of Aldermen authorized the Town Manager to execute the Interlocal Agreement on December 7, 1993. Similar action was taken by the Chapel Hill Town Council on January 26, 1994.Both municipalities elected to collect impact fees at the time of building permit issuance and have been submitting quarterly reports with impact fees collected since execution of the agreements. Expenditure Limitations.Funds withdrawn from public school impact fee trust accounts must be used only for the following purposes: • For capital costs associated with the construction of new public school space, including 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. Enabling legislation was obtained through Senate Bill 1679, Chapter 642, which 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 would be 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. No impact fee revenues have been expended to date. However, the FY 1994-99 Capital Improvements Plan identifies two school construction projects for which these revenues will be used.They include: • FY 1994-95 Elementary School Chapel Hill-Carrboro School District • FY 1997-98 Elementary School Orange County School District 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. Interest earned on impact fee collections has been identified previously. Annual Report 4