Whenever a development is granted approval subject to a condition that the development proponent actually provide a school facility acceptable to the city or the school district, the development proponent shall be entitled to a credit for the actual cost of providing the facility, against any fee that would be chargeable under a school impact fee formula provided by city ordinance. The cost of construction shall be estimated at the time of approval, but must be documented and the documentation confirmed after the construction is completed to assure that an accurate credit amount is provided. If construction costs are less than any calculated fee amount, the difference remaining shall be chargeable as a school impact fee.
(Ord. 18 § 1, 1994; Ord. 45 § 1, 1994)