A. If a residential building permit or permit for residential mobile home installation expires without commencement of construction, then the developer shall be entitled to a refund, with interest, of the impact fee paid as a condition for its issuance except that the city shall retain a percentage of the fee (as set forth in BMC 19.04.110(H)) to offset a portion of the costs of collection and refund. The developer must submit an application for such a refund to the planning director within 30 days of the expiration of the permit.

B. Any funds not expended or encumbered by the end of the calendar quarter immediately following 10 years from the date the park impact fee was paid shall, upon application by the current landowner, be returned to such landowner with interest at the interest rate accrued in the special revenue fund account; provided, that the landowner submits an application for a refund to the city of Bellingham within one year of the expiration of the 10-year period.

C. Any impact fees that are not expended or encumbered by the city in conformance with the capital facilities plan (CFP) within these time limitations, and for which no application for a refund has been made within this one-year period, shall be retained and expended consistent with the provisions of this section.

D. Interest due upon the refund of impact fees required by this section shall be calculated according to the average rate received by the city on invested funds throughout the period during which the fees were retained. [Ord. 2011-07-037; Ord. 2006-02-012].