RES 2025008 - Laserfiche WebLink

VIII. INFRASTRUCTURE FINANCING AND PHASING The following chapter provides a conceptual coordinated financing and phasing plan intended to facilitate orderly development of the Plan Area infrastructure. Included is an overall approach for apportioning costs associated with shared public improvements on a "fair share" basis among benefiting properties. Also included are phasing plans for the various shared infrastructure improvements. Individual site infrastructure improvements are to be the responsibility of individual project developers. A. FINANCING AND PHASING OBJECTIVES 1. To implement a fair and equitable method of spreading the costs of financing shared infrastructure improvements . 2 . To establish a coordinated and efficient program of phasing infrastructure improvements which allows private development , an elementary school , and a community park to develop in as timely a manner as possible. B . FINANCING AND PHASING PROGRAM The Specific Plan financing concept is based upon the assumption that new development will fund all Plan Area infrastructure costs required to facilitate Plan Area buildout and portions of the Sewer Master Plan Sections 2 and 3 improvements (discussed later in this chapter). The City will fund the cost of off-site traffic mitigation improvements, and water and sewer line extensions which enhance city-wide service . Based upon the above funding assumptions, coupled with the results of an economic analyses conducted for the project, the number of new homes established for the Plan Area was 189. In order to fund the major infrastructure components described in the Circulation and Public Facilities Chapters, Plan Area developers will generally be obligated to complete the necessary system components concurrently with their on-site development. In some cases this will result in front-end financing of capital improvements by individual developers which exceed the "fair-share" cost for their projects. Developers who advance funds for this purpose will be eligible for reimbursement as subsequent development takes place. Except for City "front-end" financing of Phase 3 water improvements presented later in this chapter, all reimbursements will be pro-rated and paid out of any net payment of Plan Area infrastructure fees . Reimbursements to the City will be made last. 90