[§302A-1611]  Credits for impact fees. (a)  Any applicant subject to the school impact fee requirements pursuant tothis [subpart] may apply for credit for any similar contribution, payment, orconstruction of public school facilities accepted and received by thedepartment.  No credit shall be authorized against the impact fees in lieu ofland dedication.

(b)  A credit may be applied only againstschool impact fees that would otherwise be due for new residential developmentsfor which the payment or contribution was agreed to in a written educationalcontribution agreement.  The department shall maintain an accounting of theamount of the credit applicable to the new residential development and shallreduce the amount of the credit by the amount of the school impact fees thatwould otherwise be due for each building permit issued for the new residentialdevelopment.  After the credit balance is exhausted, no additional creditsshall be applied to subsequent building permits issued within the new residentialdevelopment. (c)  If private construction of school facilities is proposedby a developer after July 3, 2007, if the proposed construction is acceptableto the department, and if the value of the proposed construction exceeds thetotal impact fees that would be due from the development, the department shallexecute with the developer an agreement to provide reimbursement for the excesscredit from the impact fees collected from other developers within the samebenefit district.  For the purposes of this section, the private constructionof school facilities is a "public work" pursuant to chapter 104. [L2007, c 245, pt of §2]

 

Revision Note

 

  "July 3, 2007" substituted for "the effectivedate of this Act".