§ 9.75-78. Guidelines for credit valuation.

Credits under this section shall be valued using the following guidelines:

(1)

For the construction of any system improvements by a developer or his or her predecessor in title or interest and accepted by the city, the developer must present evidence satisfactory to the administrator of the original cost of the improvement, from which present value may be calculated.

(2)

For any contribution or dedication of land for system improvements by a developer or his or her predecessor in title or interest and accepted by the city, the original value of the land shall be the same as that attributed to the property by the validated tax appraisal at the time of dedication, from which present value may be calculated.

(3)

For any contribution of capital equipment that qualifies as a system improvement by a developer or his or her predecessor in title or interest and accepted by the city, the value shall be the original cost to the developer of the capital equipment or the cost that Cartersville, Georgia would normally pay for such equipment, whichever is less.

(4)

For any contribution of money for system improvements from a developer or his or her predecessor in title or interest accepted by the city, the original value of the money shall be the same as that at the time of contribution, from which present value may be calculated.

(5)

In making a present value calculation, the discount rate used shall be the net of the interest returned on a State of Georgia, AA rated or better municipal bond less average annual inflation, or such other discount rate as the city council in its sole discretion may deem appropriate.

(Ord. No. 71-06, § 8.03, 10-19-06)