Fees may be imposed by the implementing entity on the housing units within the housing improvement area at a rate, term, or amount sufficient to produce revenue required to provide housing improvements in the area to reimburse the implementing entity for advances made to pay for the housing improvements or to pay principal of, interest on, and premiums, if any, on bonds issued by the implementing entity under section 428A.16. The fee can be imposed on the basis of the tax capacity of the housing unit, or the total amount of square footage of the housing unit, or a method determined by the council and specified in the resolution. Before the imposition of the fees, a hearing must be held and notice must be published in the official newspaper at least seven days before the hearing and shall be mailed at least seven days before the hearing to any housing unit owner subject to a fee. For purposes of this section, the notice must also include:
(1) a statement that all interested persons will be given an opportunity to be heard at the hearing regarding a proposed housing improvement fee;
(2) the estimated cost of improvements including administrative costs to be paid for in whole or in part by the fee imposed under the ordinance;
(3) the amount to be charged against the particular property;
(4) the right of the property owner to prepay the entire fee;
(5) the number of years the fee will be in effect; and
(6) a statement that the petition requirements of section 428A.12 have either been met or do not apply to the proposed fee.
Within six months of the public hearing, the implementing entity may adopt a resolution imposing a fee within the area not exceeding the amount expressed in the notice issued under this section.
Prior to adoption of the resolution approving the fee, the condominium associations located in the housing improvement area shall submit to the implementing entity a financial plan prepared by an independent third party, acceptable to the implementing entity and associations, that provides for the associations to finance maintenance and operation of the common elements in the condominium and a long-range plan to conduct and finance capital improvements.
Fees imposed under this section are not included in the calculation of levies or limits on levies imposed under any law or charter.