The following are definitions for the purposes of this chapter and for the purposes of any advance financing agreement entered into pursuant hereto and for any actions taken as authorized pursuant to this chapter or otherwise:
Advance Financing means a developer’s or city’s payment for the installation of 1 or more public improvements installed pursuant to this chapter which benefiting property owners may utilize upon reimbursing a proportional share of the cost of the improvement.
Advance Financing Agreement means an agreement between a private developer and the city, as authorized by the Council and executed by the City Administrator, which agreement provides for the installation of and payment for advance financed public improvements, and may in the agreement require the guarantee or guarantees as the city deems best to protect the public and benefiting property owners, and may make other provisions as the Council determines necessary and proper.
Advance Financing Resolution means a resolution passed by the Council and executed by the Mayor designating a public improvement to be an advance financed public improvement and containing provisions for financial reimbursement by benefiting property owners who eventually utilize the improvement and other provisions as determined in the best interest of the public by the Council.
Benefiting Property Owner means the fee holder of record of the legal title to real property which, by virtue of installation of an advance financed public improvement, may be served, all or in part, by the same. Where real property is being purchased under a recorded land sales contract, then the purchasers shall also be deemed owners.
Developer means the city, an individual, a partnership, a joint venture, a corporation, a subdivider, a partitioner of land or any other entity, without limitation, who will bear, under the terms of this chapter, the expense of construction, purchase, installation or other creation of a public improvement.
Proportional Share means the amount of the advance financed reimbursement due from the benefiting property owner calculated in accordance with § 4.12.080B.
Public Improvement means the following:
1. The grading, graveling, paving or other surfacing of any street; or opening, laying-out, widening, extending, altering, changing the grade of or constructing any street;
2. The construction of sidewalks;
3. The construction or upgrading of any sanitary or storm sewer; and/or
4. Any other public improvement authorized by the Council.