(A) There is hereby established a policy whereby there shall be assessed against any undeveloped parcel of real estate which abuts a newly constructed street $50 per each foot which fronts along the street.
(B) The assessment shall be for the initial construction cost for the street, catch basins and other necessary appurtenances.
(C) The assessment shall be levied upon each undeveloped parcel upon which a structure is to be erected.
(D) Any corner lot shall be assessed only if the short side of the lot abuts the new street.
(E) The assessment shall be payable to the Director of Finance at the time the owner makes application for a building certificate.
(F) Interpretation and administration of the foregoing policy shall be consistent with the principle that all property hereafter developed shall bear a portion of the capital cost of the construction of new streets which is equitable in relationship to the portion of the cost heretofore borne by subdividers of property within the village for new streets constructed within or along new subdivisions and, accordingly, application of this principle demands that from time to time the $50 per front foot assessment shall be reviewed by the Council and, if justified, increased or decreased to reflect the then current costs.
(Ord. 81-23, passed 4-6-1981)