1999 MAY - Laserfiche WebLink

3.40.040 development to the extent that a develop- ment application provides for a different number of units than the number which was the basis for the fee formulas, the actual proportional share of costs as deter- mined by additional engineering analysis, and other factors. (Ord. 1772 § 3, 1999) 3.40.050 Use Of Fee Revenue: The area development impact fee shall fund public facilities identified in the basic infrastructure program that are at- tributable to the new development within the North Sycamore Specific Plan Area and certain other areas as determined in the technical report and any future addi- tions and amendments to said report, all of which are incorporated in the Chapter by this reference. A. The City shall deposit the fees col- lected under this Chapter in a special fund, the North Sycamore Area Develop- ment Impact Fee Account ("NSADIF Account"), designated for funding facili- ties listed in the basic infrastructure pro- gram. B. The fees and all interest earned on accrued funds shall be used only to: 1. Fund the costs of the public facilities specified in the basic infrastructure pro- gram; or 2. Reimburse a funding developer or a property owner as provided in Section 3.40.055 of this Chapter. (Ord. 1772 § 3, 1999) 3.40.055 Reimbursement: A. If a funding developer or property owner has been required or permitted to install basic infrastructure improvements included in the basic infrastructure pro- gram at an estimated or a verified con- struction cost that exceeds the amount of the developer's/property owner's area development impact fee obligation, such funding developer or property owner shall be entitled to be reimbursed by other funding developers/property owners whose properties benefit by such im- provements. Reimbursement shall be permitted for this cost difference before and after the City's final determination regarding the verification of the construc- tion costs. Reimbursement shall not be available if the cost of the improvements is below the actual or estimated total fee obligation for a given project. B. Should an individual funding devel- oper proceed in advance of other funding developers and install, or agree to install, basic infrastructure improvements, the cost (verified or estimated) of which exceeds the first funding developer's area development impact fees associated with its development, then any subsequent funding developer shall pay to the first funding developer, the subsequent funding developer's proportionate share of such infrastructure costs; shares to be propor- tional to the total shares of all funding developers proceeding with development. For example, assume funding developer A has one hundred (100) units (shares), and that developer A has agreed to fund infra- structure costs of six million dollars ($6,000,000.00). Funding developer B now wishes to proceed with fifty (SO) units (shares). Developer B must reim- burse developer A two million dollars ($2,000,000.00) (50/150 x $6,000,000.00). (Pleasanton 5-99) 90