(A) An owner of a parcel or parcels within the South Corona area will be entitled to enter into a reimbursement agreement to reimburse from subsequently collected development fees the direct and verifiable costs of installing sanitary sewer facilities where all of the following conditions are satisfied:
(1) The owner has constructed a sanitary sewer facility which is identified in the Sewer Plan;
(2) The city required that the sanitary sewer facility be constructed to contain supplemental size, capacity, number or length for the benefit of property not within the owner’s project;
(3) The city approved, prior to construction, the proposed budget for the project and finds any change to that budget fair and reasonable;
(4) The sanitary sewer facility has been dedicated to the public.
(B) The city shall not reimburse the owner for costs related to financing any sewer facility.
(C) An owner shall only be entitled to reimbursement to the extent that any sewer facility benefits property not within the owner’s project. Thus, an owner may receive a development fee credit as provided in § 16.25.053 for the portion of a sewer facility that serves the owner’s project and reimbursement for the oversized or extra capacity or extended portion of a sewer facility that benefits subsequently developed property.
(D) In no event shall an owner receive a development fee credit and/or reimbursement in excess of the city’s most recent estimated cost of constructing the facility, or the portion of the facility actually completed, by contract or by utilizing city forces.
(E) Any reimbursement agreement entered into under this section shall require the city, for a period of up to 20 years, to reimburse the owner from the proceeds of sanitary sewer facilities fees collected from new projects which directly benefit from the facilities which are the subject of the reimbursement agreement. The amount of reimbursement shall include interest at the rate of 90% of the overall interest rate paid on all city funds during the preceding fiscal year. The terms of the reimbursement shall be set forth in the reimbursement agreement.
(`78 Code, § 16.25.054.) (Ord. 1944 § 1 (part), 1989.)