A. The impact fee rate per net new PM peak hour trip, as calculated according to the provisions of this chapter, shall be as adopted in the most recent fee schedule resolution. The initial traffic impact fee rate shall be $1,603, which may be adjusted annually as described in Subsection B of this Section.

B. Commencing on the first anniversary of the effective date of the impact fee rate established in Subsection A of this Section, and at subsequent intervals of at least one year, the City Engineer may propose adjustment of the impact fee rate set out in the most recent fee schedule resolution by the same percentage change as in the most recent annual change of the Construction Cost Index published in the Engineering News-Record. The City Council and may adopt such increase in the impact fee rate or a reduced amount as an amendment to the fee resolution. In addition to published notice as required for the City Council resolution, the City Engineer shall cause notice of the adjusted impact fee to be posted at City Hall and the Public Works Engineering office. In all cases, the maximum amount of the impact fee shall be the initial traffic impact fee rate plus an amount equal to the initial impact fee rate multiplied times the change in Construction Cost Index since the effective date of the initial traffic impact fee rate. (Ord. 2290, 2016)