§ 56-143. Annual indexing procedure.

(a)

The board shall adopt an annual index resolution for all impact fees imposed herein prior to July 1 of each year, unless a full review of this article and the impact fee study for any impact fee is completed pursuant to section 56-149 before July 1 of such year; provided, however, that the initial annual index resolution shall be adopted on or before July 1, 2009.

(b)

The annual index resolution shall set forth adjusted impact fee rates for each impact fee imposed herein, excluding any fees that are subject to review pursuant to section 56-149 during such year, reflecting changes in the cost of impact fee components for the upcoming year as set forth below.

(c)

Impact fee rates shall be adjusted by the percentage change in the annual index. Provided, however, that in the event the county manager or the board determines that the proposed impact fee rates as adjusted by the annual index will cause capital facilities impact construction to pay more than its fair share of the cost of improvements and additions to the capital facilities that are necessary to accommodate the impact generated by such growth, said rate adjustment will be decreased accordingly.

(d)

For the annual index resolution adopted on or before July 1, 2009, the annual index shall be calculated based on the percentage change in the annual index from the effective date of the adoption of the ordinance imposing each impact fee as compared to the annual index in effect on January 1, 2009. Thereafter, the annual index shall be calculated based on the percentage change in the annual index in effect for the prior January 1 compared to the annual index effective on the current January 1.

(e)

The recommended annual adjustment described in subsection (c) above may be reduced or eliminated at the board's discretion.

(f)

Upon adoption of the annual index resolution, notice of the adopted impact fee rates for the upcoming year shall be provided in accordance with section 56-152 hereof.

(g)

The adjusted rates set forth in an annual index resolution shall take effect upon the expiration of the 90 day notice period set forth in section 56-152 hereof.

(Ord. No. 2007-40, § 8.04, 10-18-2007)