a. The provisions of this division and the impact fee study and multimodal transportation impact fee study adopted herein shall be reviewed by the city commission initially in connection with its capital improvements element of its comprehensive plan as required by F.S. § 163.3177. Thereafter, the provisions of this division and each impact fee study adopted herein shall be reviewed at least every four (4) years and updated no longer than every five (5) years. five (5) years. The initial and each subsequent review shall consider new estimates of population per household, needs for service, and other socioeconomic data; future growth in travel demand; changes in cost of construction, land acquisition, apparatus, equipment and related costs; review of the level and quality of service; and adjustments to the assumptions, conclusions or findings set forth in the impact fee studies adopted herein. The purpose of this requirement is to review and revise, if necessary, to ensure that the impact fees neither exceed nor fail to provide for the reasonably anticipated costs associated with the improvements necessary to offset the demand generated by the public facilities impact construction on the city's public facilities. In the event the review required by this section alters or changes the assumptions, conclusions and findings of the studies adopted by reference in this division, revises or changes the city's public facilities or alters or changes the amount of impact fees, the studies adopted by reference herein shall be amended and updated to reflect the assumptions, conclusions and findings of such reviews and this division shall be amended to adopt by reference such updated studies.
b. In conjunction with the initial and each subsequent review of the impact fee studies required in paragraph a. of this section, the city commission shall review the capital improvements element for the availability and adequacy of revenue sources to construct improvements and additions to the city's public facilities determined in the impact fee studies to be required to accommodate existing development.
