Promptly following the approval of a memorandum of reimbursable street facility costs incurred by an initial developer in the manner provided by this chapter, the city manager shall offer to enter into an agreement with the initial developer on behalf of the city undertaking to reimburse the initial developer for all or a portion of the reimbursable street facility costs set forth in such memorandum out of the revenues from the street facility reimbursement fees assessed and levied in the manner provided by this chapter. Such agreement shall set forth (1) the total street facility costs subject to reimbursement as and for the street facilities constructed and installed by the initial developer; (2) a description of each parcel, other than the developer’s parcel, which adjoins such street facilities and by reason thereof benefits from same; (3) the total length of such street facilities as well as the length of each individual benefitted parcel; (4) the street facility costs subject to reimbursement for each foot of a benefitted parcel fronting on the street facilities; and (5) the total street facility costs subject to reimbursement for each particular benefitted parcel, all as provided for in the memorandum of reimbursable street facility costs approved by the city council. In addition, such agreement shall set forth the undertaking of the city to pay to the initial developer the revenues, if any, received by the city over a stipulated period between 15 and 30 years in duration, as determined by the director and beginning the date the street facilities are completed and accepted by the city, from the street facility fees assessed and levied upon the owner of a particular benefitted parcel at the time and in the manner hereinafter provided by this chapter in an amount equal to the total street facility costs subject to reimbursement for such parcel, adjusted for any increase in the cost of constructing and installing street facilities between the date the street facilities were completed and the date such fees are paid, as determined by the director based on the net percentage increase in the Engineering News Record Cost Index for San Francisco (based on 1913 U.S. Average = 100) published in the engineering News Record/McGraw Hill Construction Weekly, all as provided for in the memorandum of reimbursable street facility costs approved by the city council. Following execution of the agreement, the original copy thereof shall be filed in the office of the building official who, thereafter shall cause a duplicate copy thereof to be included in the file, if any, maintained by the building official for each benefitted parcel.
(Ord. 1897 (part), Ord. 2012 §4 (part), Ord. 2136 §3, Ord. 2158 §2, Ord. 2364 §87)