Editor's note— Ord. No. 911, § 1, adopted June 4, 2019, repealed § 10.1. Former § 10-1 pertained to purpose.

10.2.1. This section is intended to provide for the administration and expenditure of impact fees collected by the Town pursuant to Ordinance Nos. 662 and 676 (series 2006), which were repealed by Ordinance No. 911 (series 2019). Fees shall be accounted for in the manner required by 29-1-801, et seq., C.R.S., and other applicable law. Fees shall be deposited in an interest-bearing account that clearly identifies the lot, development activity, and development approval for which the impact fee was collected and the associated category, account, or fund of capital facility, by either aggregate or individual land development. Each such category, account, or fund shall be accounted for separately. Any interest or any income earned on moneys deposited in said interest-bearing account shall be credited to the account.

10.2.2. Revenues from impact fees shall be used exclusively for capital facilities, as defined by Section 29-20-104.5, C.R.S. including, without limitation, the following capital facilities.

A.

Construction of a new section of roadway, including drainage and sidewalks, to connect Pike Drive and Eagle Drive;

B.

Construction of a new section of the Riverwalk Trail to connect Town Park and the 1st Street Bridge/Highway 160 intersection;

C.

Construction of a new consolidated town maintenance facility on South 5th Street;

D.

Construction of a new storage building and ticket booth at Reservoir Hill Park; and

E.

Planning and construction of recreational facilities at the Yamaguchi South property, formerly know as the "Lagoon Parcel."

10.2.3. No fees shall be used for periodic or routine maintenance, personnel costs, or operational expenses.

10.2.4. In the event that bonds or similar financing instruments are used for the advanced provision of any capital facilities for which impact fees are required, fee revenues may be used to pay debt service on such bonds or similar financing instruments.

10.2.5. The Town may enter into an intergovernmental agreement with any public agency or local government to jointly fund expenditures and provide capital facilities needed to serve the development for which the impact fees were imposed. To the extent such intergovernmental agreements utilize revenues from the fees imposed by this Article, they shall include such terms requiring compliance with this Article and Colorado law regarding impact fees, including Part 8, Article 1, Title 29 and Sections 29-20-103 and 29-20-104.5, C.R.S., and auditing of accounts and compliance as deemed appropriate by the Town Council.

10.2.6. In the event this Land Use Code is repealed or any such intergovernmental agreement is terminated, such capital facilities during their useful life shall continue to be utilized to provide services to the development for which the impact fees were imposed.

10.2.7. An impact fee may be used for the costs of any capital facilities within the same specific fee type or category for which the impact fee was originally collected, so long as the demand for such facilities is apportioned to the development activity in the same proportion as the original facility.

(Ord. No. 782, § I, 1-24-2013; Ord. No. 911, § 2, 6-4-2019; Ord. No. 921, § 2, 11-5-2019)

Editor's note— Ord. No. 911, § 1, adopted June 4, 2019, repealed §§ 10.3—10.12. Former §§ 10-3—10-12 pertained payment of fees, time of payment, alternative fee calculation, exemption from payment of fees, impact fee and fee in lieu of public land dedication schedule, annual adjustment and deferral, respectively. These sections derived from Ord. No. 782, adopted January 24, 2013; Ord. No. 878, adopted March 22, 2018; Ord. No. 879, adopted February 22, 2018; and Ord. No. 886, adopted June 5, 2018.