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<br />ExamDle 19A Assume a water line 's cost is SJOO and units (EDUs) sharing Ihe <br />coslofthe water line equal 10. Developer A installs Ihe waler line for Sloo and <br />is eligible for $50 reimbursement. Developer 8 builds 2 units and pays IO/al.fees <br />of$200. Ihe waler line component being 2/10 x S100 = S20. Del'eloper A will <br />receive lJro rala reimbursement of 520 from the Fund; Ihe balance (S200 - 520 = <br />S180) would remain for other shared itifraslruclure impro""ments listed ill Parts <br />1-4. <br /> <br />ExamDle 19B. Assume two developers are eligible for reimbursement. Developer <br />A for $50 and Developer B for 530. after pro rala 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 10 Developers <br />A and B as follows: <br /> <br />Developer A 550/580 x 560 = <br />Developer B 530/580 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 lotal <br />Specific Plan shared infrastructure cost, as detennined in accordance with the principles <br />found in Financing Program #12. shall be eligible for reimbursement for the difference <br />from the Vineyard Avenue Specific Plan Fund as other development pays fees to said <br />fund. The City is a "developer" for reimbursement purposes in the event il 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 of8%. based on the balance owed as of January I 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 # I 9. <br /> <br />(c) Reimbursements to any developer shall have a tenn of fifteen (15) <br />years. <br /> <br />ExamDle 20A. See Examples 14.4. 14B. 19.4. and 198. <br /> <br />\3 <br />