§ 14-1.4. Public Improvement Reimbursement Agreement: Contents.

A public improvement reimbursement agreement shall include, but is not limited to, the following provisions:

a. A statement of the total construction cost, the applicant’s equitable share of the cost, and the amount of the total cost eligible for reimbursement;

b. A map approved by the Town Engineer showing each property included within the benefit district and a list of each property by County Assessor parcel number;

c. The method of spreading the eligible reimbursement cost to be charged under the agreement to properties within the benefit district and the rate of interest or appreciation to be added to initial charges during the period of the agreement;

d. A provision indicating who the financing party is for the purpose of receiving reimbursement, i.e. whether the developer or the property owner of record at the time the reimbursement is made (this may depend upon whether the public improvement is financed by the developer or by individual property owners through an assessment district);

e. The date on which the reimbursement agreement takes effect and benefited property owners begin contributions;

f. A statement that no reimbursement charges collected by the Town may be distributed to a financing party until the public improvement is completed and accepted by the Town;

g. A list of the administrative costs, if any, to be charged by the Town to administer the agreement. These costs may be shown as a percentage of the charges collected by the Town;

h. A provision that reimbursement to the financing party shall be paid only from charges collected by the Town under the agreement from the benefited properties listed in the agreement as such properties receive a land use entitlement. Reimbursement to the financing party shall be paid only from such charges collected within ten (10) years from the date the agreement becomes effective, unless a different time period is approved by the Town Council; and

i. A provision that the Town is not liable to the financing party for failure of the Town to collect a reimbursement charge due from a property or because of legal inability of the Town to collect the charge from a property.

(Ord. #76-85, §9-104)