A. Any in lieu fee or portion thereof collected pursuant to this chapter which has not been expended or which has not been committed for expenditure for an eligible parking improvement within ten (10) years from the date of payment shall be refunded, upon application, to the record owner of the property for which the in lieu fee was paid, together with interest thereon at the legal rate calculated from the date of collection to the date of refund.

B. An in lieu fee collected pursuant to section 9-3-12 of this chapter shall be considered to be expended if the total expenditures for eligible parking improvements as described in section 9-3-13 of this chapter (including funds committed for expenditure) within ten (10) years following the date of payment equals or exceeds the total in lieu fees collected during such period.

C. If a refund is due pursuant to subsection A or B of this section, the town shall divide the difference between the amount of expenditures for eligible parking improvements made by the town during such ten (10) year period and the amount of in lieu fees collected by the total number of density units for which in lieu fees have been paid in order to determine the refund due per density unit. The refund to the record owner shall be calculated by multiplying the refund due per density unit by the number of density units for the development for which the in lieu fee was paid, and interest due shall be calculated upon that amount.

D. The town may refund in lieu fees by direct payment, by offsetting the refund against other fees or charges due for development projects by the owner on the same or other property, or otherwise by agreement with the owner. (Ord. 9, Series 1996)