A reimbursement agreement made pursuant to this chapter may contain the following provisions, among others:
A. The amount of total public improvement costs, the subdivider's equitable share of the costs and the amount of reimbursable costs, per the following:
1. Construction costs less any applicable credits, plus up to 15% for documented engineering costs.
2. Right-of-way costs external to the subdivider's development may be included in an equitable manner.
3. Applicable City engineering and processing fees may also be added. Costs of financing, bonds or other subdivider costs, including development entitlement costs or fees, shall not be included.
4. Costs of transitions or other minor work shall not be apportioned to the property outside of the subdivision.
5. Cost of street and utility stubs required to provide circulation connectivity or utility network connections, generally the depth of one lot, are not eligible for reimbursement.
B. A map and listing (by assessor's parcel number) of the benefiting area(s) shall be provided. The total reimbursable cost shall be apportioned to the benefiting properties on an area, front footage or combination thereof, as appropriate.
C. A provision indicating who the subdivider designates for receiving reimbursement payments. This may be either the subdivider, the property owner of record at the time the reimbursement is made, or any other third person. However, the City shall not be obligated to allocate development reimbursements to subsequent owners of subdivided lots.
D. The reimbursable amount shall be adjusted annually or at the time of collection to include an amount attributable to interest. The adjustment amount shall be based on the change in the Engineering News Record 20 Cities Construction Cost Index since the completion of the improvements, which shall be included in the agreement, less any payments collected.
E. The reimbursement agreement shall provide that the City will collect the appropriate charge solely from the benefited properties identified in the agreement and reimburse the applicant or the applicant's heirs, successors or assigns, for a period of 15 years from the date of the agreement. Reimbursement charges will not be collected or paid after that time. Provided, however, the 15 year time period for reimbursements may be extended within the reimbursement agreement for major capital facilities, such as pump stations, or where the area of benefit outside the subdivision is larger than the subdivision, in the Council's discretion.
F. A provision that within 120 days of completion of the improvements, the subdivider shall provide to the City a final cost accounting of the items contained within the agreement. If the costs are materially different than those contained in the agreement, the agreement shall be amended. The notification, hearing and adoption process contained in this chapter shall be followed.
G. A statement that no reimbursement charges collected by the City may be distributed to the subdivider until the public improvement is completed and accepted by the City.
H. A provision that the City is not liable to the applicant for failure of benefited property owners to pay a reimbursement charge or because of legal barriers to recovery of reimbursement charges from benefited property owners, and that the City's obligation to pay is not a general obligation of the City but is payable by the City only to the extent that benefited properties make payments.
I. The reimbursement agreement shall be numbered and filed by the City Clerk.
(Ord. 2011-03 § 1)