If a developer(s) or property owner(s) of property annexed pays the entire cost of infrastructure improvements, and such improvements will benefit other property that may be developed or annexed in the future, the City Council may, in its discretion, authorize a payback or recapture agreement.
(A) The agreement may provide that developer(s) or property owner(s) that connect to the infrastructure improvements in the future shall reimburse the developer(s) or property owner(s) that initially paid for the improvement a portion of the cost of the improvement.
(B) The agreement shall include a method of calculating the amount of reimbursement.
(C) The method of reimbursement may be based upon lot size, front footage, or other means that the City Council deems reasonable.
(D) The payback period shall not exceed ten years from the date of completion of construction or installation of the improvement.
(E) The agreement shall set forth the specific area that may benefit from the improvement and that will be subject to the agreement.
(F) In addition to capital improvements, the costs that may be reimbursed under an agreement may include engineering, design and inspection fees.
(G) Any and all terms and conditions of an agreement are subject to approval by the City Council.
(Prior Code, § 11.03.020.030) (Res. 150, passed 6-18-2016; Ord. 2021-15, passed 12-20-2021)