RES 00021 - Laserfiche WebLink

Financing Program #15. Each year, on January. 1. the City shall add $4000 to the costs shown as "Specific Plan Preparation Costs" in Table 2 to provide for on-going administration of the Financing Program. and the fee shall be adjusted accordingly. The City shall transfer any funds. up to $4000. from the Specific Plan fund to its general fund as of January 1 of each year to cover its costs. Once the Parts 1-4 infrastructure has been completed, the administration fee shall cease. and no further addition to administration fees shall be added to the "Specific Plan Preparation Costs." Financing Program #16. The fee to be charge once development occurs shall reflect adjustments to costs, adjustments to total EDUs (if any), and the balance of development remaining in the Specific Plan Area. The fee for any Lot shall be calculated at the time of payment by adjusting the initial cost formula shown in Financing Program #11 as follows: (a) Include for each shared infrastructure improvement component: (i) only unconstructed shared infrastructure improvements (at estimated costs plus inflation adjustment): (ii) all City-installed infrastructure made with non-Specific Plan funds (at actual cost plus interest adjustment); (iii) all infrastructure to be undertaken by the developer (at actual cost): and (iv) all balances of reimbursements owed prior developers (plus any interest amount). (b) Subtract the fund balance in the Specific Plan fund (if any) for each component from the costs included in (a) above. (C) Divide the resulting sums of(a) and (b) above by the EDUs of all undeveloped Lots, including those of the developer. for each component. (d) Calculate the Lot costs by multiplying each new component cost derived above by the applicable Lot shares for that Lot and sum them for the total cost. The new total cost for that Lot can be then off-set by applying a credit for infrastructure to be undertaken by the developer. 10