(A) For the purpose of this section, a development is defined as an area that does not currently have any infrastructure on it (water, sewer, electrical, and streets).
(B) Different types of dwellings and properties may present unique challenges and have varying lengths of payback of investments. With the expectation that the payback on city funding for new developments on properties located in the city limits be 15 years or less, the city would be willing to fund up to 33% of water, electrical, sewer (if applicable), and street improvements, providing there are no covenants as to what type of housing structure could be built and by whom. The developer and homeowner would be required to fund the rest.
(C) (1) On developments with covenants as to who and what type of structure can be built being controlled solely by the land owner/developer, the city portion of the funding would be reduced to 10%. If there is no prospective homeowner involved in the development, the amount not funded by the city would fall solely on the developer.
(2) In both of scenarios described above, if the property does not have a housing structure built on it within three years, the developer/homeowner would be responsible for reimbursing the city for those funds contributed.
(Ord. 16-10-44, passed 11-13-2018)