Development impact fees collected pursuant to the ordinance will be kept separate from other revenue of the Town. The ordinance establishes a trust fund for each of the impact fee categories included in the ordinance.
Funds from development impact fee trust accounts shall be expended only for the public facilities and system improvements identified as eligible for impact fee funding in the Town of Fort Mill Capital Improvements Plan. No funds shall be used for administrative or operating costs associated with imposing any of the development impact fees.
Eligible components of a public facility may include, but are not limited to, the following: design and construction; land acquisition; right-of-way acquisition; construction of new facilities; the purchase of new equipment with an individual purchase price of $100,000 or more; principal payments, interest and other financing charges.