Laserfiche WebLink
<br />A would receive 516,500 reimbursement. If the remaining i'!frastrllcture is lis/cd <br />in Parts 1-4, the Fund balance of 53. 340 would remain to be applied toward those <br />improvements. If, however, they were Part 5 improvements. the 53. 340fund <br />balance would be reimbursed to Developer A. <br /> <br />USE OF FEE <br /> <br />As Specific Plan fees are collected by the City, they will be available for constructing <br />shared infrastructure in accordance with the following principles. <br /> <br />Financing Program #17. Specific Plan Fees collected by the City shall be kept in a <br />segregated Vineyard Avenue Corridor Specific Plan Fund which shall earn interest at the <br />City's LAEF rate. <br /> <br />Financing Program #18. The total fees owed by a developer shall be off-set by the <br />value of any shared infrastructure improvements which the developer has bonded to <br />improve in conjunction with its final map/improvement plans or other vehicle insuring its <br />installation. <br /> <br />Examvle 18A. Developer A '5 total fee obligation is 580.000. Developer A will <br />build shared infrastrucrure improvements estimated to total 545.000. Dewloper <br />A will pay afte of$35, 000 and bondfor the545.000 improvements. Upon <br />completion of the improvements. if the actual cost is different than the estima/ed <br />cost. the total fee obligation will be recalculated and the actual cas/ ~iven os a <br />credit. <br /> <br />Financing Program #19: Fees in the Vineyard Avenue Corridor Specific Plan Fund <br />shall be used for the following purposes in the order listed; <br />· first, to reimburse developers eligible for reimbursement based on the <br />pro rata share of that Lot's share of the infrastructure eligible for <br />reimbursement. <br />· second, to assist in the funding/installation of any of the infrastructure <br />components listed in Parts 1-4 of Table I. <br />. third, to reimburse any developer (other than the City) eligible for <br />reimbursement; in the event more than one developer is eligible for <br />reimbursement, any such funds shall be prorated based on the amounts <br />owed at that time to each developer. <br />. fourth, to install Part 5 infrastructure as listed in Table I. <br />I fifth, to reimburse the City for any costs it has incurred in installing <br />shared infrastructure improvements using non-Specific Plan Funds. <br /> <br />12 <br />