(A) The impact fee for each service unit may not exceed the amount determined by dividing the costs of the capital improvements by the total number of projected service units that potentially could use the capital improvement. If the number of new service units projected over a reasonable period of time is less than the total number of new service units shown by the approved land use assumptions at full development of the service area, the maximum impact fee for each service unit must be calculated by dividing the costs of the part of the capital improvements necessitated by and attributable to the projected new service units by the total projected new service units.

(B) An impact fee must be calculated in accordance with generally accepted accounting principles.

Terms Used In South Carolina Code 6-1-980

  • Capital improvements: means improvements with a useful life of five years or more, by new construction or other action, which increase or increased the service capacity of a public facility. See South Carolina Code 6-1-920
  • Development: means construction or installation of a new building or structure, or a change in use of a building or structure, any of which creates additional demand and need for public facilities. See South Carolina Code 6-1-920
  • impact fee: means a payment of money imposed as a condition of development approval to pay a proportionate share of the cost of system improvements needed to serve the people utilizing the improvements. See South Carolina Code 6-1-920
  • Land use assumptions: means a description of the service area and projections of land uses, densities, intensities, and population in the service area over at least a ten-year period. See South Carolina Code 6-1-920
  • Service area: means , based on sound planning or engineering principles, or both, a defined geographic area in which specific public facilities provide service to development within the area defined. See South Carolina Code 6-1-920
  • Service unit: means a standardized measure of consumption, use, generation, or discharge attributable to an individual unit of development calculated in accordance with generally accepted engineering or planning standards for a particular category of capital improvements. See South Carolina Code 6-1-920
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