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Example ]gA. Assume a water line's cost is S100 and units (EDUs) sharing the <br />cost of the water line equal 10. Developer A installs the water line for SIO0 and <br />is eligible for $50 reimbursement. Developer B builds 2 units and pays total.ti'es <br />of $200, the water line component being 2/10 x $100 = S20. Developer A will <br />receive pro rata reimbursement of $2O fi'om the Fund,' the balance (5200 - S20 = <br />$180) would remain for other shared inJ~astructure improvements listed in Parts <br /> <br />Example 19B. Assume two developers are eligible for reimbursement, Developer <br />A for $50 and Developer B for $30. after pro rata reimbursement qfDeveloper <br />C's payment to the Fund The Fund now contains $60 and all Part 1-4 <br />infrastructure has been completed The $60 wouM be reimbursed to Developers <br />A and B as follows: <br /> <br />Developer A $50/$80x$60 = $37.50 <br />Developer B 830/$80 x $60 = 822. 50 <br /> <br />REIMBURSEMENT ISSUES <br /> <br />The phasing requirements of the Specific Plan make it likely that developers may have to <br />install shared infrastructure improvements which cost more than their total Lot shares. In <br />this event they will be eligible for reimbursement in accordance with the following <br />principle. <br /> <br />Financing Program #20. Any developer who installs shared infrastructure <br />improvements whose actual cost exceeds that developer's total Lot share of the total <br />Specific Plan shared infrastructure cost, as determined in accordance with the principles <br />found in Financing Program # 12, shall be eligible for reimbursement for the difference <br />from the Vineyard Avenue Specific Plan Fund as other development pays fees to said <br />fund. The City is a "developer" for reimbursement purposes in the event it installs shared <br />infrastructure improvements using any funds other than the Vineyard Avenue Corridor <br />Specific Plan Fund. <br /> <br />(a) The reimbursement amount shall earn simple interest at an annual <br /> rate of 8%. based on the balance owed as of January 1 of each year. <br /> <br />(b) Reimbursement shall be paid as funds are paid into the Vineyard <br /> Avenue Corridor Specific Plan Fund in accordance with the "Use of <br /> Fee" provisions found in Financing Program #19. <br /> <br />(c) Reimbursements to any developer shall have a term of fifteen (15) <br /> years. <br /> <br />Example 20A. See Examples 14A, 14B, 19A, and I9B. <br /> <br />13 <br /> <br /> <br />