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Exa~le 19A. Assume a water line's cost is 5100 and units (EDUs) sharing the <br />cost of the water line equa110. Developer A installs the water line far SI00 acrd <br />is eligible for 550 reimbursement. Developer B builds 2 units and pays rata! lees <br />of 5200. -he water fine component being 2/)0 x SI00 = 520. Developer .9 trill <br />receive Qro rata reimbursement oj520 from the Fund; the balance (S300 - S?ll = <br />S180J would remain for other .shared infrastructure improvements listed irr Pans <br />/-4. <br />Examnle 19B. Assume two developers are eligible for reimbursement, Developer <br />A jar $~0 and Developer B for $30, after pro rata reimbursemem q(Developer <br />C's payment to the Fund The Fund now contains $60 and all Part 1-4 <br />infrastructure has been completed. The 560 would be reimbursed to Developers <br />A and B as follows.• <br />DeveloperA SSO/S80x$60= 537.50 <br />Developer B 530/580 x 560 = 511..10 <br />REIMBURSEMENT ISSUES <br />The phasing requirements of the Specific Plan make it likely that developers may have to <br />install shazed 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 />Financing Program #10. Any developer who installs shared infrastructure <br />improvements whose actual cost exceeds that developer's total Lot share of the total <br />Specific Plan shazed 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 Avenue 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 V ineyazd Avenue Corridor <br />Specific Plan Fund. <br />(a) The reimbursement amount shall eam simple interest at an annual <br />rate of 8%, based on the balance owed as of January I of each year. <br />(b) Reimbursement shall be paid as funds are paid into the Vineyard <br />Avenue Condor Specific Plan Fund in accordance with the "Use of <br />Fee" provisions found in Financing Program #19. <br />(c) Reimbursements to any developer shall have a term of fifteen (15) <br />years. <br />Examnle 20A. See Examples 14A, 14B. 19A, and 19B. <br />13 <br />