CODE OF VIRGINIA

REFUND OF IMPACT FEES (§ 15.2-2327)

The locality shall refund any impact fee or portion thereof for which
construction of a project is not completed within a reasonable period of time,
not to exceed fifteen years. In the event that impact fees are not committed to
road improvements benefiting the impact fee service area within seven years from
the date of collection, the locality may commit any such impact fees to the
secondary or urban system construction program of that locality for road
improvements that benefit the impact fee service area.Upon completion of a
project, the locality shall recalculate the impact fee based on the actual cost
of the improvement. It shall refund the difference if 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 the refund is made.

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