An owner of a new development who has constructed or financed a water or wastewater
improvement or facility expansion designated in the applicable capital improvements
plan, or other water or wastewater improvement that supplies excess capacity, as required
or authorized by the city, shall enter into an agreement with the city to provide
for credits against impact fees due for the development in accordance with section 38-159. The agreement shall identify the basis for the method for computing and the amount
of the credit due and any reduction in credits attributable to consumption of water
or wastewater capacity by developed lots or tracts served by the improvements. For
multi-phased projects, the city may require that total credits be proportionally allocated
among the phases. If authorized by the city, the agreement also may provide for allocation
of credits among new developments within the project, and provisions for the timing
and collection of impact fees.
