(1) An offset shall be granted for qualifying improvements, as defined in Section 8-1-108, "Expenditure of Impact Fees," that are required to be made by a developer as a condition of development approval.

(2) Offsets shall be allowable and payable only to offset impact fees otherwise due for the same category of improvements, and shall not result in reimbursement from, nor constitute a liability of, the City.

(3) Offsets shall be given only for the value of any construction of improvements or contribution or dedication of land or money by a developer or his predecessor in title or interest for qualifying improvements of the same category for which an impact fee was imposed.

(4) The person applying for an offset shall be responsible for providing appraisals of land and improvements, construction cost figures, and documentation of all contributions and dedications necessary to the computation of the offset claimed. The Impact Fee Administrator shall have no obligation to grant offsets to any person who cannot provide such documentation in such form as the Impact Fee Administrator may reasonably require.

(5) The value of land dedicated or donated shall be based on the appraised land value of the parent parcel (which land value is based on the date of transfer of ownership to the City), as determined by a certified appraiser who was selected and paid for by the applicant and who used generally accepted appraisal techniques. If the City disagrees with the appraised value, the City may engage another appraiser at the City’ s expense, and the value shall be an amount equal to the average of the two appraisals. If either party rejects the average of the two appraisals, a third appraisal shall be obtained, with the cost of such third appraisal being shared equally by the property owner and the City. The third appraiser shall be selected by the first two appraisers, and the third appraisal shall be binding on both parties.

(6) Offsets provided for qualifying improvements meeting the requirements of this section shall be valid from the date of approval until six years after the date of approval, or until the last date of construction within the project, whichever occurs first.

(7) The right to claim offsets shall run with the land and may be claimed only by owners of property within the development for which the qualifying improvement was required.

(8) Any claim for offsets must be made no later than the time of payment of building permit fees or payment for another permit subsequent to development plan approval that is subject to impact fees. Any claim not so made shall be deemed waived.