(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 designing and installing off-site landscaping public improvements identified in the landscaping 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 landscaping 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 landscape improvements.
(C) An owner shall only be entitled to reimbursement to the extent that any landscape project benefits property not within the owner’s project. Thus, an owner may receive a development fee credit as provided in § 16.25.113 for the portion of any landscape improvement that serves the owner’s project and reimbursement for the oversized or extra capacity or extended portion of any landscape improvement 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 improvement, or the portion of the improvement 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 landscaping fee collected from new projects which directly benefit from the improvements 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, § 16.25.114.) (Ord. 1944 § 1 (part), 1989.)