Credits for land dedication

(a) Any owner of a development subject to the land component impact fee requirements pursuant to this subpart may apply for credit against any similar dedication or payment accepted and received by the authority for the project; provided that any such owner who dedicates more land for school facilities than is required for the development shall receive credit for the excess dedicated land area. (b) Any credit provided for under this section shall be based on the value determined in the manner provided under section 302A-1606. (c) Excess credits for land contributions prior to July 1, 2010, that are in excess of a developer's requirement under this subpart shall be based on the determined value of the excess dedication; provided that the credit amount shall not exceed the value of the dedication or fee in lieu required under this subpart. (d) In addition to or instead of applying credits to future developments, the authority may execute with an owner of credits an agreement to provide for partial or full reimbursement from the school impact fee payments collected from other developers within the same school impact district. The reimbursements shall not exceed the amount of the fee revenues available in the account for that school impact district.