§ 24-46. Periodic impact fee rate adjustment.

(a)

Annually, if requested by the school board, the board shall adopt an annual educational system rate resolution at least 90 days prior to October 1 of each year, commencing in 2016, unless a full review of this article and the educational system impact fee study is completed pursuant to section 24-44 herein before October 1 of such year.

(b)

The annual educational system rate resolution shall set forth adjusted educational system impact fee rates for the educational system impact fee land use categories reflecting changes in the cost of impact fee components for the upcoming year as set forth below:

(1)

Educational system impact fee components pertaining to construction and equipment costs shall be adjusted by the average percentage change from the previous two (2) fiscal years in the Consumer Price Index.

(2)

Educational system impact fee components relating to land acquisition costs shall be adjusted by the percentage change for the previous fiscal year in the fair market value of land for real property owned by the school board as determined by written qualified opinions of estimated value of a representative sample of school board owned property. Such qualified opinions of estimated value shall be issued by an M.A.I. appraiser using generally accepted appraisal techniques.

(3)

Provided, however, that in the event the board, after consultation and input from the Superintendent, determines that the requested rate adjustment of the educational system impact fee will cause residential construction to pay more than its fair share of the costs of improvements and additions to the educational system that are necessary to accommodate the students generated by such growth, said rate adjustment will be decreased accordingly.

(c)

The adjusted rates set forth in the annual educational system rate resolution shall take effect on October 1 of the year in which the annual educational system rate resolution is adopted subject to the notice provisions set forth in section 24-47 herein.

(Ord. No. 2010-11, § 2, 8-16-10; Ord. No. 12-24, § 1, 8-6-12; Ord. No. 2015-26, § 2, 4-20-15; Ord. No. 2018-21, § 2, 3-12-18)