§ 22-153. Owners to pay pro rata shares; amounts adjusted annually.

(a)

Any owner of a tract of property may, at any time after preparation of the list of the pro rata share attributable to such tract, cause the tract's share to be paid to the city. The amount shown on the notice as the pro rata share attributable to such tract shall be adjusted by an inflation/deflation factor on each anniversary date of the notice until such sum is paid to the city.

(b)

The inflation/deflation factor shall be computed based on the increase or decrease in the Consumer Price Index published by the federal government computed as follows: The beginning or base level Consumer Price Index factor shall be the published Consumer Price Index for the immediately preceding calendar month to the calendar month on which notice of the list is first filed with the county clerk and recorder for the Fort Smith District of Sebastian County. The inflation/deflation factor to be added to the pro rata share attributable to each tract on the first anniversary date of the recording of the list shall be determined by the increase or decrease in the base Consumer Price Index, as compared to the Consumer Price Index issued by the same federal governmental authority at the conclusion of the twelfth calendar month subsequent to the base index.

(c)

The inflation/deflation increase attributed to the share on each subsequent anniversary date shall likewise be computed based on the increase or decrease in the Consumer Price Index at the conclusion of the next twelve (12) month interval subsequent to the calendar month of the base index. However, under no circumstances shall the inflation factor cause the pro rata share to exceed a two hundred (200) percent increase over the original pro rata share determined for the subject tract of property.

(d)

Unless previously paid, the pro rata share attributable to each tract is due at the time of development of the subject tract. Development is defined as the point in time at which the planning department of the city, or the city planning commission, is petitioned to review and approve a final plat of the subject tract or when application is made for a building permit on any portion of the tract. In the event of a petition for plat approval of only a portion of the same the pro rata share is due on the portion included in the platting request. No such plat shall receive final approval, and no such building permit shall be issued until the then-due pro rata cost is actually paid.

(e)

Any owner of a tract of property who has paid the designated pro rata share attributable to such tract shall not be affected by a subsequent amendment to the total street development cost pursuant to section 22-152(b)(2) unless, at the time of the payment, the city administrator reserves in writing the right to make a subsequent amendment to the amount to be paid upon completion of one or more specifically identified matters of dispute or litigation not then complete. Otherwise, the pro rata share paid pursuant to the provisions of section 22-153 of the Fort Smith Code shall include the final pro rata share determined pursuant to the provisions of article V of chapter 22 of the Fort Smith Code, including the provisions for amendment set forth in section 22-151(b)(2).

(Code 1976, § 27-98; Ord. No. 9-03, §§ 2, 3, 3-4-03)