§302A-1606 Land component impact fee; determining the amount of land or fee in lieu. (a) The school land area requirements for new residential developments in a school impact district shall be based on recent school site area averages, student generation rates, and the number of dwelling units in the new residential development.
(b) The following formula shall be used to determine the total school land area requirement for each individual new residential development in a school impact district:
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(c) [Repeal and reenactment on July 1, 2029. L 2025, c 268, §14.] The procedure for determining whether the dedication of land is required or a payment of a fee in lieu is required for a new school facility or to satisfy the land component impact fee shall be as follows:
(d) In determining the value per acre for any new residential development, the fee simple value of the land identified for the new or expanded school facility shall be based on the appraised fair market value of improved, vacant land, zoned for residential use, and serviced by roads, utilities, and drainage. An appraiser, licensed pursuant to chapter 466K, who is selected and paid for by the developer, shall determine the value of the land. If the authority does not agree with the developer's appraisal, the authority may engage another licensed appraiser at its own expense, and resolve, through negotiation between the two appraisers, a fair market value. If neither party agrees, the first two appraisers shall select the third appraiser, with the cost of the third appraisal being shared equally by the authority and the developer, and the third appraisal shall be binding on both parties.
(e) [Repeal and reenactment on July 1, 2029. L 2025, c 268, §14.] The developer or owner of new residential developments of one hundred or more units shall either pay the fee in lieu based on the land value as determined in subsection (d) or convey appropriate acreage as determined in subsection (b).
(f) The dollar amount of the fee in lieu shall be determined using the following formula:
Acres of land subject to the fee in lieu, as determined under subsection (c) multiplied by the value per acre of land determined pursuant to subsection (d).
[L 2007, c 245, pt of §2; am L 2010, c 188, §9; am L 2020, c 72, §7; am L 2021, c 217, §11; am L 2025, c 268, §5]