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(A) The revenues from development fees and accrued interest on such revenues, shall be spent on qualifying road improvements.
(B) Qualifying road improvements include improvements to thoroughfares shown on the Thoroughfare Plan within the Cary Comprehensive Transportation Plan anywhere within the Town’s planning jurisdiction.
(C) Transportation development fees may be used to finance direct project costs of qualifying road improvements, including:
(1) The acquisition cost of rights-of-way;
(2) The construction cost of improvements, and drainage improvements (excluding pedestrian facilities);
(3) Signalization and intersection improvements; and
(4) The principal sum and interest and other financing costs on bonds, notes, or other obligations issued by or on behalf of the Town to finance qualified road improvements.
(D) Development fees collected pursuant to this section shall not be used to pay for any of the following:
(1) Construction, acquisition, or expansion of public facilities other than road improvements;
(2) Repair, operation, or maintenance of existing or new road improvements.
(E) Up to 25 percent of all fees collected shall be reserved for cash reimbursement to developers for qualifying road improvements. The amount of such reimbursements shall not exceed the value of such improvements in excess of the amount of transportation development fees that would otherwise be payable for the proposed development, unless the substitution of cash reimbursements for development fee offsets is specifically approved by the Town Council. At the end of each fiscal year, the amount of collected fees eligible for cash reimbursements shall be calculated, and if the total amount of reimbursements owed exceeds the amount of eligible fees available, the fees shall be remitted to developers in proportion to the amount of cash reimbursements owed.
Cary, NC Land Development Ordinance On-line VIC Version - This site last updated 3/4/2008
Note: This is not the official version of the Cary Land Development Ordinance