(1) Except as provided in subsection (2) below, any impact fee or portion thereof collected pursuant to this Ordinance, which has not been expended or encumbered for a use permitted by Section 8-1-108, "Expenditure of Impact Fees," within six years from the date on which it was received by the City, shall be refunded to the current record owner of the property upon written application. Impact fees shall be deemed to be expended or encumbered in the refund shall include accrued interest at the rate of return on investments earned by the City on such amount. In disbursing such funds, the City may rely on the written certification of the current record owner of the property as to his entitlement to the refund, in the absence of a written assertion by another party that such proposed payee is not the proper payee. If in doubt, the City may deposit such funds in an appropriate court for disposition as the court may determine. In such event, the City may deduct from the funds deposited an amount equal to the reasonable cost of causing the funds to be deposited with the court, including reasonable attorney's fees.

(2) The City may hold the fees for longer than six years if it identifies in writing:

(3) If development for which an impact fee has been paid has not begun, and the impact fee paid has not been spent or encumbered, the impact fee and any accrued interest thereon shall be returned to the applicant, provided that the applicant applies for the refund in writing within 30 days after the expiration of the building permit or other approval (or any extension thereof) on which it was assessed. If the impact fees have been spent or encumbered prior to the date of application for a refund, the property for which the fee was paid shall be eligible for an impact fee credit, pursuant to the provision of Section 8-1-110, "Offsets to Impact Fees."

(4) The City shall charge an administrative fee, for verifying and computing refunds, of three percent (3%) of the amount of the refund.