ORD 2289 - Laserfiche WebLink

Ordinance No.2289 and shall provide a bond, cash deposit or other type of security as required by the Subdivision Map Act, the City of Pleasanton's Subdivision Ordinance or other applicable provision of the Pleasanton Municipal Code, before beginning construction. 2. The developer and the city shall enter into a written subdivision or other agreement with respect to the credit, which shall be recorded against the property. The agreement shall include the amount of the credit which will be given (or for unusual projects, the exact method of calculating the credit), when the credit will be given, and to which lots it will apply. § 3.22.070. Reimbursements. A. General. 1. If the credit for improvements due under Section 3.22.060 of this chapter exceeds the required capital facilities fee for development, the developer is eligible for reimbursement from the capital facilities fund. 2. To be eligible for reimbursement, the following must be satisfied: a. The developer is eligible for credit under Section 3.22.060 of this chapter; and b. The credit due exceeds the required capital facilities fee. B. Development or Other Agreement. The terms of a written development or other agreement regarding reimbursement for public facilities shall supersede the terms of this section. C. Time and Manner of Reimbursement. 1. The community development director shall determine the exact amount of reimbursement at the time the improvements are accepted by the city. 2. Until repaid, the reimbursement amount shall accrue simple interest commencing upon acceptance of the improvements by the city. Simple interest shall accrue each year on January 1st in an amount equal to the percentage change to the Engineering News Record Construction Cost Index for the San Francisco—Bay Area. Reimbursement payments will be applied first to interest and then to principal. 3. The total amount of reimbursement, net of credits, shall be set one time upon acceptance of the improvements. The annual percentage amount of reimbursement shall be set one time, upon acceptance of the improvements, by establishing a percentage equal to: the percentage value of the reimbursement amount compared to the value of all eligible improvements; such set percentage shall then be multiplied by the total of all capital facilities fees collected in the preceding year to produce a pro rata payment for each year. 4. In the event that the amount to be reimbursed to developers pursuant to this section, or pursuant to a development or other agreement, exceeds the amount of capital facilities fees received by the city in the preceding calendar year, the city council shall take action to apportion the available fee revenue to developers entitled to reimbursement pursuant to this section in a manner which the council determines is reasonable for that calendar year.