Any person initiating traffic-generating development may apply for a credit against traffic fees otherwise due, for any contribution, payment, construction or dedication of land for any system improvements on a County road. No credits shall be provided for project-related improvements. Prior road mitigation for system improvements shall be credited against the road fee contained in this provision as follows:
Credit Is an Offset Against Fees Owed
The person initiating traffic-generating development shall be required to pay the difference between the road fee required by this provision and the prior mitigation. There shall be no entitlement to any refunds for fees paid in excess of the current fee schedule.
Calculation of Credit
Credit shall be in an amount equal to the value of the contribution or payment at the time it was made to Pitkin County, the costs of road construction at the time of its completion, or the fair market value of the land dedicated at the time of dedication. An adjustment for inflation shall then be applied to the credit at the annual CPI rate.
Apportionment of Credit
If road mitigation for system improvements was performed for a subdivision as a whole, then any credits shall be applied as follows:
The credit for the road mitigation performed shall first be applied to any existing development in the subdivision and/or planned unit development; and
Any remaining credit shall be apportioned equally among the remaining undeveloped lots or parcels.
(b) No Credit If No Payment
There shall be no credit for any road mitigation required through a development approval unless the property owner, or the property owner’s predecessor in interest, actually provided the mitigation prior to July 10, 2000.