(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 public improvements, or portions thereof, identified in the Water Facilities Fee Study where all of the following conditions are satisfied:
(1) The owner has constructed a public improvement, or portion thereof, which is identified in the water facilities fee study;
(2) The city required that the public improvement 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 public improvement, or portion thereof, has been dedicated to the public.
(B) The city shall not reimburse the owner for costs related to financing any water facility.
(C) An owner shall only be entitled to reimbursement to the extent that any water facility benefits property not within the owner’s project. Thus, an owner may receive a development fee credit as provided in § 16.25.103 for the portion of any water facility that serves the owner’s project and reimbursement for the oversized or extra capacity or extended portion of a water facility that benefits subsequently developed property.
(D) In no event shall an owner receive a development fee 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 the water facilities fee 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 rate paid on city funds during the preceding fiscal year. The terms of the reimbursement shall be set forth in the reimbursement agreement.
(`78 Code, § 16.25.104.) (Ord. 1944 § 1 (part), 1989.)