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The fee shall be paid to the building official in the amount of $0.72 per square foot "floor <br />area" as defined as the area included within the surrounding exterior walls of a building <br />or portion thereof, measured from the inside of all exterior walls which is furnished for <br />use or habitation, and does not include garages and unfinished subgrade levels. This fee <br />shall be reviewed annually to update the fee calculation and construction inflation <br />indexes. <br /> <br />Applying this calculation to the projected development in the five-year Capital <br />Improvements Plan, the total revenue generated from the CIF would be $3,373,596 to <br />apply to the designated projects. <br /> <br />Colorado law requires that a Community Investment Fee have a reasonable relationship <br />to the cost of the service provided. The development must place additional demands on <br />the facility and should receive the benefit of the facilities. Several factors should be in <br />place to define reasonableness. These are: <br /> <br />Spatial: The facilities that a development's fees pay for must be sufficiently <br />close to the development that it is reasonable to expect that the development's <br />residents or employees will benefit from it. Because most public buildings, <br />other public facilities, and major streets serve the entire City, Louisville can <br />locate most public facilities anywhere in the City and benefit a development. <br /> <br />Amount: The fee charged should be a reasonable estimate of the <br />development's "proportionate share" of the cost of the improvement. Some of <br />the funding for the projects will be applied from sales and use tax and other <br />impact fees, thus keeping the balance of "proportionate share". The City <br />cannot collect more money in fees than it is going to spend on a project. <br /> <br />o <br /> <br />Need: The only aspect of a project that a Community Investment Fee should <br />finance is the expansion that is necessary to serve new development. The <br />basic assumption of a Community Investment Fee is that the current level of <br />service existing residents enjoy is an acceptable level of service for future <br />residents. All Community Investment Fees should be calculated on the <br />existing level of services. <br /> <br />4. Benefit: A Community Investment Fee should help finance those facilities <br /> that provide benefits to the development paying the fees. <br /> <br />o <br /> <br />Earmarking of funds: The City of Louisville must be able to prove that it <br />spends the fees collected by a Community Investment Fee in a manner <br />consistent with the factors discussed above. The fees need to be accounted for <br />separately, within the Capital Projects Fund. <br /> <br />Ray explained that as projects are planned using the Community Investment Fee, it will <br />be important to determine the amount attributable to new development and residential <br /> <br />5 <br /> <br /> <br />