7.11.15 Certificate of Offset
(A) Upon computation by the Town Manager,
or his or her designee, of the offset allowed
to a developer,
the Town shall
identify the amount of offset within
the Developer Agreement
and the land development project
for which such Certificate was approved.
(B) Any offset may
be used by the registered owner of such offset against
a transportation development fee
imposed on construction of
a building in
the designated land development project.
Certificates may not be used for payment of any other fees, taxes, or
amounts due the Town,
and shall not have any intrinsic value. The Town shall
have no obligation to the holder of any offset who,
for any reason, owes no development fees
during the life of the offset and
thus has no use for the offset.
(C) Each offset shall
be valid from the date of issuance until ten years after its issuance or
the last date of construction within
the project, whichever occurs first, unless an extension not to exceed
ten years is granted by the Town Council
prior to the termination of the earlier of these periods.
(D) An offset shall
be credited in dollars against the applicable development fees
in effect on the date when such fees become due under this chapter.
(E) Holders of active offsets that are
eligible for recalculation shall apply to the Town Manager
or his or her designee for recalculation within one year from the
effective date of fee changes. The recalculated value of unused offsets
shall be the ratio of the revised fee to the fee in place when the offset was
given or most recently revised. The amount eligible for offset will
be determined under the revised offset provisions
in effect when the fees are modified. The applicant requesting
recalculation shall be responsible for providing the information needed
to recalculate the offset.
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
