§ 50-60. Administration of impact fee.

(a)

Upon receipt of impact fees, the city department of finance shall be responsible for placement of such funds into separate restricted funds for each type of impact fee (as set forth below in section 50-60(b)) and such funds shall earn interest. Interest earned by each restricted fund shall be credited to that restricted fund and shall be used solely for the purposes specified for funds of such restricted fund.

(b)

The city shall be responsible for the establishment of separate restricted funds for each type of improvement or dedication for which the impact fee was collected and maintain records for each such restricted fund whereby impact fees collected can be segregated by each type of improvement or dedication for which the impact fee was collected and any development subareas for the type of improvement or dedication. The city shall also maintain and keep accurate financial records for each such restricted fund that shall show the source and disbursement of all revenues; that shall account for all monies received; that shall ensure that the disbursement of funds from each account shall be used solely and exclusively for the provision of projects specified in the capital improvements program for the particular development subarea; and that shall provide an annual accounting for each impact fee restricted fund showing the source and amount of all funds collected and the projects that were funded.

(c)

At least every three (3) years the city shall, in conjunction with its annual capital budget and capital improvements plan adoption processes, review the development potential of the gateway area and the gateway infrastructure financing study. Modifications to this article, including to the impact fee formulas and capital costs as are deemed necessary by the city as a result of changing costs, needs, other funding sources and other factors as may be relevant shall be recommended to council for adoption prior to November of such review year.

(d)

On July 31 of each year the costs of the improvements in the capital improvements plan will be adjusted by the Colorado Department of Transportation Composite Construction Index, for roads and the Engineering News-Record Inflation Construction Index for all other capital improvements. The impact fee per unit, as appropriate for the type of improvement, shall be adjusted accordingly.

(e)

Interest earned on monies in any impact fee restricted fund shall be considered part of such restricted fund, and shall be subject to the same restrictions on use applicable to the impact fees deposited in such fund. In the event a restricted fund has accomplished its purpose and there are interest funds remaining therein, said funds shall be transferred to another gateway area restricted fund.

(f)

Monies in each impact fee restricted fund shall be considered to be spent in the order collected, on a first-in/first-out basis, such that they are applied first to outstanding credits in favor of owners as provided in section 50-59(e).

(g)

No monies from any impact fee restricted fund shall be spent for periodic or routine maintenance of any facility of any type or to cure deficiencies in public facilities, other than those listed in the capital improvements plan, existing on the effective date of this article.

(h)

The city shall maintain accurate records of the impact fees paid, including the name of the property owner paying such impact fees, the improvement for which the fees were paid, the date of payment of each impact fee, the amounts received in payment for each impact fee, and any other matters that the city deems appropriate or necessary to the accurate accounting of such fees. Such records shall be available for review by the public during city business hours.

(Ord. No. 842-00, § 1, 10-23-00; Ord. No. 775-07, § 86, 12-26-07)