Developers shall receive advance financed reimbursement collected by the city pertaining to their advance financed public improvements. Such reimbursement shall be delivered to the developer for a period of 10 years from the date the applicable advance financing agreement has been executed. In addition, any developer, or said developer’s heirs, successors or assigns, may apply at 5-year intervals for 2 5-year extensions beyond the initial 10-year period. Such reimbursement will be made by the city within 90 days of receipt of the advance financed reimbursements. Advance financed reimbursements not paid the developer under the terms of this chapter shall be retained by the city to be used for related system improvements as authorized from time to time by the Council.
(Am. Ord. 903, passed 1-4-1993)