15.2-2327 - Refund of impact fees. - Virginia Statutes

§ 15.2-2327. Refund of impact fees.

The locality shall refund any impact fee or portion thereof for whichconstruction of a project is not completed within a reasonable period oftime, not to exceed fifteen years. In the event that impact fees are notcommitted to road improvements benefiting the impact fee service area withinseven years from the date of collection, the locality may commit any suchimpact fees to the secondary or urban system construction program of thatlocality for road improvements that benefit the impact fee service area.

Upon completion of a project, the locality shall recalculate the impact feebased on the actual cost of the improvement. It shall refund the differenceif the impact fee paid exceeds actual cost by more than fifteen percent.Refunds shall be made to the record owner of the property at the time therefund is made.

(1989, c. 485, § 15.1-498.10; 1992, c. 465; 1997, c. 587; 2007, c. 896.)