A. 
The Town of Frye Island recognizes that efficient use of public resources requires long-term planning in the area of capital expenditures. Consequently, the Town maintains and annually updates a Capital Improvements Plan which identifies anticipated capital expenditures.
B. 
The Town of Frye Island also recognizes that growth and development within Frye Island, both residential and nonresidential, is a gradual and ongoing process. The Town recognizes that this development incrementally and indirectly impacts the Town's existing road inventory.
C. 
For this reason, it is the policy of the Town of Frye Island that new development occurring on or after February 13, 1996, within Frye Island shall be evaluated for potential impact on the Town's existing road inventory and shall be assessed a corresponding impact fee where deemed appropriate.
D. 
It shall be the policy of the Town to calculate and assess all capital impact fees and required improvements in a fair manner which reasonably correlates incremental capital cost to beneficiary of same.
The Planning Board, in conjunction with the Finance Director, shall be responsible for administration of this section.
A. 
Residential and nonresidential impact on existing road inventory.
(1) 
If the Planning Board determines that proposed residential or nonresidential development will have a capital expenditure impact on any existing road within Frye Island, the Planning Board shall assess an impact fee, prior to granting final approval of a given application, for the related improvement of that road.
(2) 
In assessing these fees and/or requiring related capital improvements, such Planning Board determination shall be supported by factual findings and testimony from Town department heads, the applicant, and any other relevant source.
(3) 
Any applicable fees required under this section shall be paid to the Town prior to the issuance of any building permit, or the performance of any work on the site covered by such permit, whichever comes first.
B. 
Calculation of impact fee. In order to develop a fair and accurate impact fee amount, the applicant shall provide the Planning Board with a detailed estimate of total likely Town way improvement costs, including but not limited to legal fees, survey costs, engineering costs, grubbing, disposal, subbase and base work, drainage, surfacing and/or resurfacing, vegetation, signage, and real estate acquisition costs (including estimated cost of condemnation). Subject to reliable data previously collected by the Town, the applicant shall also provide the Planning Board with professionally certified current traffic count data and a professional estimate of total traffic anticipated upon completion of the development proposed in the application.
(1) 
Formula. The Planning Board shall calculate an impact fee for the improvement of existing Town ways as follows:
(Total Traffic Estimate) - (Current Traffic Count)
X
(Total Improvement Cost)
=
Impact Fee
(Total Traffic Estimate)
(2) 
Waiver of fee. Requirements described in § 10-1.68 shall be waived by the Planning Board if the applicant agrees to improve to the required standard, at the applicant's expense, the affected existing Town ways and posts a performance guaranty for the full value of the improvements to be made. The applicant shall have two years from the date of final approval to complete necessary improvements. At all times during improvements the Town shall retain full authority to maintain and operate the Town way in a safe, efficient manner.
A. 
Segregation. The Town shall segregate and maintain the identity of all funds received under this section until such time that these funds and accumulated interest are appropriated by the Town for their intended purpose. The Town shall have sole discretion in selection of financial institutions and investment vehicles utilized in managing funds received under this section. Such funds shall be invested prudently, in accordance with Maine law, but neither the Town nor any of its officials shall be responsible for maximizing return on investment.
B. 
Ten years to appropriate. The Town, in accordance with its Charter, shall return to the respective payers all funds and accumulated interest that have not been appropriated for their intended use within 10 calendar years of the funds' receipt date.
C. 
Sole discretion. The Town shall have sole discretion in all decisions related to the appropriation and expenditure of funds received under this section and the appropriation and expenditure of additional Town funds which may be necessary to complete certain projects.
Notwithstanding any other provision of law to the contrary, an appeal from a decision of the Planning Board under this section shall be taken to the Superior Court.