15.08.110 Impact Fee Accounting, Expenditures and Refunds.
(1) The impact fees collected pursuant to this Chapter shall be deposited into separate interest-bearing ledger accounts and shall be used only for public facilities for which the fees were collected. The accounting, expenditure and refund of all such impact fees collected shall be handled in accordance with the provisions of the Utah Impact Fees Act.
(2) The City may hold impact fees for longer than six (6) years if it identifies in writing:
(a) an extraordinary and compelling reason why the fees should be held longer than six (6) years; and
(b) an absolute date by which the fees will be expended.
(3) The City shall refund any impact fees paid by a developer, plus interest earned, when:
(a) the developer does not proceed with the development activity and has filed a written request for a refund;
(b) the fees have not been spent or encumbered; and
(c) no impact has resulted.