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<br />Example 19A. Assume a water line's cost is 5100 and units (EDUs) sharing the <br />cost of the water line equal 10. Developer A installs the water linefor 5100 and <br />is eligible for 550 reimbursement. Developer B builds 2 units and pays totalfees <br />of5200. the water line component being 2/10 x 5100; 520. Developer A will <br />receive pro rata reimbursement of 520 from the Fund: the balance (5200 - S20 ; <br />5180) would remainfor other shared itifrastructure improvements lisred in Parrs <br />1-4. <br /> <br />Exam"le 19B. Assume two developers are eligible for reimbursement. Developer <br />A for 550 and Developer B for $30. after pro rata reimbursement of Developer <br />C's payment to the Fund The Fund now contains $60 and all Part 1-4 <br />itifrastructure has been completed The $60 would be reimbursed to Developers <br />A and B as follows: <br /> <br />Developer A $50/$80 x $60 ; <br />Developer B $30/$80 x 560 = <br /> <br />$37.50 <br />522.50 <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 A venue 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 19B. <br /> <br />13 <br />