A. The City Council may grant an annual fee adjustment at the time of application for formation of a reimbursement district.

B. If granted, an annual fee adjustment shall be applied to the reimbursement fee beginning on the first anniversary of the date of the reimbursement agreement as a return on the investment. The annual fee adjustment shall be fixed and computed against the reimbursement fee as simple interest and will not compound. The amount of the fee adjustment shall be determined at the time that a district is formed and shall be the same each year. The interest rate will be determined by the Council on recommendation of the Finance Director. [Ord. NS-2182, 2012]