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Development agreements containing provisions regarding impact fees, impact fee credits, and/or disbursement of revenues from impact fee accounts shall comply with the following:

A. Development Agreement Required. A development agreement is required to authorize any of the following:

1. To issue credits prior to the City’s acceptance of an eligible capital facility;

2. To reimburse the developer of an eligible capital facility using funds from impact fee accounts;

3. To allow non-standard payment of impact fees from other City accounts.

B. General Requirements. All development agreements shall be prepared and executed in accordance with Section 9-500.05, Arizona Revised Statutes, which includes approval by action of the City Council. Except where specifically modified by this section, all provisions of Section 29-12 shall apply to any credit agreement that is authorized as part of a development agreement.

C. Early Credit Issuance. A development agreement may authorize the issuance of credits prior to acceptance of an eligible capital facility by the city when the development agreement specifically states the form and value of the security (i.e., bond, letter of credit, etc.) to be provided to the City prior to issuance of any credits. The City shall determine the acceptable form and value of the security to be provided.

D. Use of Reimbursements. Funds reimbursed to developers from impact fee accounts for construction of an eligible capital facility must be utilized in accordance with applicable law and standard procedures for the use of City funds in construction or acquisition of capital facilities, including Section 34-201, et seq., Arizona Revised Statutes.

E. No Obligation. Nothing in this section obligates the City to enter into any development agreement or to authorize any type of credit agreement or reimbursement plan permitted by this section. (Ord. No. G-5984, 2015)