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



(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.  The department 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 school 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. (c)  If private construction of school facilities is proposed
by a developer after July 3, 2007, if the proposed construction is acceptable
to the department, and if the value of the proposed construction exceeds the
total impact fees that would be due from the development, the department 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. [L
2007, c 245, pt of §2]



 



Revision Note



 



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