Chapter 12.16


12.16.010    Reimbursement Agreements.

12.16.010 Reimbursement Agreements.

(a)    Purpose. The purpose of a reimbursement agreement is to reimburse the developer for street improvements required by the City to be installed for the benefit of property not within the subject development and required by the City to be dedicated to the public. In addition, the City may enter into a reimbursement agreement to recover costs incurred by the City whenever street improvements are constructed, at the City’s expense, for the development of private property.

(b)    Amount of Refund. Amount of refund shall not exceed the portion of the cost of installation of the street improvements including an amount attributable to interest, in excess of the construction required for the subject development.

(c)    Source of Revenue. The developer, City or other entity to be reimbursed by the terms of an agreement entered into pursuant to this Chapter shall be paid solely from revenues collected by the City under a reimbursement charge levied against persons and entities benefiting from such improvements and from such areas utilizing the facilities subject to refund. The City Engineer shall determine the area to benefit from such improvements installed that are subject to reimbursement.

(d)    Term. The term of any executed reimbursement agreement shall be a maximum of ten years from the date of execution. The agreement shall not be transferred or assigned except upon written consent of the City Council.

(e)    Administration Costs. In consideration of the administration, financial, engineering and planning assistance to be rendered by the City in connection with the subject development and the reimbursement agreement entered into pursuant thereto, the developer shall pay to the City an amount equal to the reasonable cost of providing said services as determined by the City.