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8 <br /> F. ANNUAL REPORT <br /> A report shall be made to the Board of County Commissioners each <br /> year showing where public school impact fees have been collected, what <br /> projects have been constructed with such fees, and what reimbursements <br /> have been made. The report shall also include an evaluation of this <br /> ordinance, including its effectiveness and enforcement, and the methods <br /> and data used to calculate the Schedule of Public School impact Fees <br /> contained in Section 3. <br /> The Board of County Commissioners shall review the report to <br /> determine if, within each benefit area, all areas of new construction <br /> are being benefitted by the fees. If the Board of County Commissioners <br /> determines that areas of new construction are not being benefitted, then <br /> it shall readjust the capital improvements program to correct this <br /> condition. If, after review of the methods and data used to calculate <br /> the Schedule of Public School Impact Fees, the Board of County <br /> Commissioners determines that adjustments are required in the Schedule, <br /> then it shall direct the County Manager and his staff to prepare a <br /> report which outlines recommended changes for its consideration. <br /> SECTION 6 - CREDITS <br /> Any conveyance of land or construction of new school facilities <br /> received and accepted by Orange County, a municipality located in Orange <br /> County, and/or the Orange County or Chapel Hill-Carrboro School Board <br /> from a developer shall be credited against the public school impact fee <br /> due if the conveyance or construction meets the same needs as the public <br /> school impact fee in providing new public school facilities. If the <br /> developer wishes to receive credit against the amount of the public <br /> school impact fee due for such conveyance or construction, the developer <br /> shall enter into a fee agreement with the County. The fee agreement <br /> shall provide for the establishment of credits and payment of the fee in <br /> a specified manner and time. <br /> The value of land conveyed or facilities constructed by a developer <br /> and accepted by the County, municipality or school board for purposes of <br /> this section shall be determined by an appraisal based on the fair <br /> market value of the land or facilities as established by the County. <br /> Construction shall be in accordance with applicable County, municipal, <br /> school board, and/or State standards. Any land awarded credit under this <br /> section shall be conveyed no later than the time at which public school <br /> impact fees are required to be paid. The portion of the public school <br /> impact fee represented by a credit for construction shall be deemed paid <br /> when the construction is completed and accepted for maintenance or when <br /> adequate security for the completion of the construction has been <br /> provided. <br />