Laserfiche WebLink
Ordinance No. 1772 <br />Page 9 <br /> <br /> A. The City shall deposit the fees collected under this Chapter in a special <br />fund, the North Sycamore Area Development Impact Fee Account CNSADIF Account"), <br />designated for funding facilities listed in the Basic Infrastructure Program. <br /> <br /> B. The fees and all interest earned on accrued ~mds shall be used only to: <br /> <br /> (1) Fund the costs of the public facilities specified in the Basic <br /> Infrastructure Program: <br /> <br /> or <br /> <br /> (2) Reimburse a Funding Developer or a property owner as provided in <br /> Section 3.40.055. <br /> <br />3.40.055 Reimbursement <br /> <br /> A. If a Funding Developer or property owner has been required or permitted to <br /> install basic infrastructure improvements included in the Basic <br /> Infrastructure Program at an estimated or a verified construction cost that <br /> exceeds the amount of the Developer's/property owner's Area Development <br /> Impact Fee obligation, such Funding Developer or property owner shall be <br /> entitled to be reimbursed by other Funding Developers/property owners <br /> whose properties benefit by such improvements. Reimbursement shall be <br /> permitted for this cost difference before and after the City's final <br /> determination regarding the verification of the construction costs. <br /> Reimbursement shall not be available if the cost of the improvements is <br /> below the actual or estimated total fee obligation for a given project. <br /> <br /> B. Should an individual Funding Developer proceed in advance of other <br /> Funding Developers and install, or agree to install, basic infrastructure <br /> improvements, the cost (verified or estimated) of which exceeds the first <br /> Funding Developer's Area Development Impact Fees associated with its <br /> development, then any subsequent Funding Developer shall pay to the first <br /> Funding Developer, the subsequent Funding Developer's proportionate <br /> share of such infrastructure costs; shares to be proportional to the total <br /> shares of all Funding Developers' proceeding with development. For <br /> example, assume Funding Developer A has 100 units (shares), and that <br /> Developer A has agreed to fund infrastructure costs of $6 million. Funding <br /> Developer B now wishes to proceed with 50 units (shares). Developer B <br /> must reimburse Developer A $2 million (50/150 x $6 million). Until paid <br /> in full, the amount of reimbursement that subsequent Funding Developers <br /> <br /> <br />